Coca-Cola sets 100% recycling goal for 2030

Coca-Cola is launching a campaign to collect and recycle 100 percent of its packaging by 2030, part of a drive to reduce consumer waste globally. The Georgia-based company, which markets more than 500 brands of sodas, juices, water and teas, said it also is working to make all of its packaging 100 percent recyclable worldwide. (AFP)
Updated 19 January 2018
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Coca-Cola sets 100% recycling goal for 2030

NEW YORK: Coca-Cola announced long-term recycling goals Friday, including attempting to recycle a bottle or can for every beverage it sells by 2030.
The soda maker and other consumer products companies have been under pressure from customers and environmental advocates to stop using plastic packaging, and fast-food giant McDonald’s unveiled new recycling goals of its own just this week.
Coca-Cola Co. said it will work with local governments and environmental groups to meet the recycling goals. It plans to recycle bottles and cans from other companies, too.
“The world has a packaging problem — and, like all companies, we have a responsibility to help solve it,” CEO James Quincey said in a statement Friday.
Greenpeace, which has criticized Coca-Cola before, said the company should focus on reducing the amount of plastic it produces, rather than just recycling more.
“We can’t recycle our way out of this mess,” said Greenpeace campaigner Louise Edge, in a statement.
Unlike other materials, plastics never break down in the environment and end up in tiny forms that are eaten by animals and end up in food, environmental groups say. A report issued last summer showed that global industry has produced 9.1 billion tons of plastic since 1950, and enough is still in circulation to bury Manhattan under more than two miles of trash.
Quincey defended Coca-Cola’s recycling goals, saying on a call with reporters that recycling and reusing plastics for bottles will reduce waste. The Atlanta-based company is also looking to reduce the amount of plastic it uses in bottles.
Quincey wouldn’t say how much the company plans to spend on the recycling goals, but said the initiative would pay for itself in the long run if the company uses more recycled materials for its packaging.
McDonald’s raised its packaging recycling targets this week, saying it aims to use all recycled or other environmentally friendly materials for its soda cups, Happy Meal boxes and other packaging by 2025. It also wants all of its 37,000 restaurants worldwide to recycle customer waste by that year.
That would be up from 50 percent of its packaging that now comes from recycled or other environmentally friendly sources and about 10 percent of its restaurants that recycle customer waste.
Quincey said the timing of the announcements was a coincidence, but that Coca-Cola would work with McDonald’s since its drinks are sold at the chain’s restaurants.
The moves may also reflect more pressure from outside forces. McDonald’s said that packaging waste was the top environmental issue that customers wanted to see addressed. And Larry Fink, CEO of the investment firm BlackRock, published a letter to CEOs this week saying that the questions companies must ask themselves include, “How are we managing our impact on the environment?“


Davos 2019: Mideast CEOs turn gloomy on global economy, PwC study finds

Political and business leaders are gathering in the mountain resort of Davos in Switzerland this week. (AP)
Updated 22 January 2019
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Davos 2019: Mideast CEOs turn gloomy on global economy, PwC study finds

  • The loss of confidence from regional CEOs was the second biggest fall in the world, beaten only by North American bosses, whose optimism fell from 63 percent to 37 percent

DAVOS: Chief executives in the Middle East are much less confident on prospects for the global economy than they were in 2018, according to a report from accounting and consulting group PwC.

The firm’s annual survey of top bosses’ attitudes, traditionally launched on the eve of the World Economic Forum Annual Meeting in Davos, showed a big drop in the number of CEOs from the region who believe global economic growth will improve in the next 12 months.

Only 28 percent of Middle East business leaders now see an improvement in economic prospects, compared with 52 percent this time last year. Bob Moritz, global chairman of PwC, said: “The prevailing sentiment this year is one of caution in the face of increasing uncertainty.”

The loss of confidence from regional CEOs was the second biggest fall in the world, beaten only by North American bosses, whose optimism fell from 63 percent to 37 percent.

PwC said that the Middle East decline was due to “increased regional economic uncertainty,” while the North American fall was “likely due to the fading of fiscal stimulus and emerging trade tensions.”

The results of the PwC poll - conducted among 1,300 business leaders around the world - reflected an overall decline in business confidence in each region surveyed. Last year, only 5 percent of CEOs said that global economic growth would decline. For 2019, this has jumped to nearly 30 percent.

Globally, confidence in CEOs’ own companies to grow revenue this year has also fallen sharply. Moritz said: “With the rise in trade tension and protectionism it stands to reason that confidence is waning.”

The US retains its lead as the top market for growth among international investors, but many CEOs are turning to other markets, or investing at home. The ongoing trade conflict between the US and China has resulted in a sharp decline in the number of Chinese bosses chosing the US as a market for growth, down from 59 percent last year to only 17 percent for 2019.

Globally, CEOs are still more worried about the threat of over-regulation of their businesses - named as the top concern again in 2019 - but uncertainty about policy has become a major issue too.

In the Middle East, the main concern is geopolitical uncertainty, followed by the threat of cyberattack, policy uncertainty and the speed of technological change.