THE WHAT? Perfume and taste company Firmenich has announced an investment into green recycling platform, Loop.
THE DETAILS Joining forces with sustainable investment firm Quadia, Firmenich joins multinationals such as Procter & Gamble and Unilever to invest in the recycling company, which is said to offer a “new, disruptive e-commerce and retail distribution service based on reusable packaging.”
Gilbert Ghostine, CEO Firmenich, says, “As a global environmental leader with a unique legacy in responsible business, we are firmly committed to eliminating non-recycled plastics in our operations and supply chains. Our participation in LOOP’s pioneering model to remove waste marks a new milestone in our journey to foster sustainable production and our active support for the circular and regenerative economy.”
THE WHY? Companies worldwide are continuing to acknowledge their part in helping achieve a sustainable future, with Firmenich currently operating with 100% renewable electricity in North America, Latin America, Europe, Africa and the Middle East, China and India. The company is predicting 100 percent worldwide in 2020.
Firmenich has stated that the investment “demonstrates the Group’s commitment to the circular economy and addressing sustainability in a single-use era.”