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Coca-Cola and eight bottling partners launch a $137.7 million VC fund dedicated to sustainability innovations, managed by Greycroft. The Greycroft Coca-Cola System Sustainability Fund seeks to reduce the carbon footprint within the Coca-Cola system and the broader industry, investing in technologies across packaging, decarbonization, distribution, and supply chain.
The fund's primary objective is to support innovative solutions within the Coca-Cola system and beyond, fostering rapid scalability within the industry. John Murphy, the President and CFO of Coca-Cola expressed enthusiasm about the opportunity to pioneer advancements in sustainability.
Under this initiative, investments will be made in companies that have reached the point of commercialization. Coca-Cola and its bottling partners have previously invested in promising packaging tech startups. Noteworthy examples include Ioniqa, which transforms mixed-color, partly contaminated PET waste into clear, food-grade PET, and CuRe Technology, which applies polyester rejuvenation to target non-recyclable plastics.
Furthermore, several Coca-Cola bottlers have taken a proactive stance by issuing green bonds. The company is driven by the goal of ensuring 100% recyclable packaging by 2025 and intends to have 25% of its beverages sold in refillable/returnable bottles or reusable packaging by 2030.
Critics have raised concerns regarding the track record of major beverage companies in meeting their packaging sustainability commitments. Coca-Cola and PepsiCo, for instance, previously announced plans to use soda bottles made from 25% recycled PET in 1990 but discontinued them due to high costs.
In the pursuit of sustainability, Coca-Cola currently incorporates 15% recycled material in its PET bottles, while PepsiCo's plastic packaging contains just 7% recycled content. Both companies have set progressive targets to achieve 50% recycled content by 2030.
By uniting industry leaders and investing in cutting-edge sustainable technologies, the Greycroft Coca-Cola System Sustainability Fund aims to drive positive change within the beverage industry and inspire others to follow suit.
Photo: Krisztian Matyas/Unsplash
