THE WHAT? Behemoth retailers CVS Health, Walmart and Target have joined forces in a $15 million group initiative, Beyond the Bag, in a bid to replace plastic shopping bags.
THE DETAILS With each retailer donating $5 million, the companies have instigated a competition in order to change plastic bags or warrant them obsolete. Walgreens Boots Alliance and Kroger are also reportedly set to be involved.
Overseen by New York investment firm Closed Loop Partners, the challenge will study consumer habits with bags, as well as engaging in research on new materials or technology and delivery systems, in order to end the use of plastic.
THE WHY? With the planet going through approximately four trillion bags per year, Eileen Howard Boone, Chief Sustainability Officer at CVS Health, highlighted the need for competitors to unite in the fight against plastic.
She said, “We know that this is not something we can solve on our own.”
Likewise, Kate Daly, Managing Director of the Center for the Circular Economy at Closed Loop, stated finding a solution to plastic bags “is going to require unexpected partnerships.”