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PEPSICO, INC.

(PEP)
  Report
Delayed Nasdaq  -  04:00:01 2023-02-08 pm EST
171.16 USD   -0.23%
02/08Wells Fargo Lowered PepsiCo's Price Target to $187 From $190, Maintains Equalweight Rating
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02/07UBS Adjusts PepsiCo's Price Target to $192 From $199, Maintains Buy Rating
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Big brands set to miss plastic sustainability targets

11/02/2022 | 04:58am EST

SINGAPORE, Nov 2 (Reuters) - Some of the world's biggest consumer goods companies, including PepsiCo, Mars and Nestle, are almost certain to miss a target to make plastic packaging more sustainable by 2025, according to a new report published on Wednesday.

The study by the Ellen MacArthur Foundation and the United Nations Environment Programme also revealed that some companies - including Coca-Cola and Pepsi - are using more virgin plastic despite a pledge to reduce its use.

The report comes as U.N. members are due to meet in Uruguay this month to start negotiations on the first ever global plastics treaty, which is aimed at reining in soaring waste pollution choking marine life and contaminating food.

Some U.N. members are pushing for a pact that includes legally binding targets to increase recycled content in packaging and use less petroleum-derived virgin plastic, rules that would have financial implications for the consumer goods and petrochemical industries.

Dozens of major brands have in recent years set targets to increase plastic recycling and reduce the use of single-use packaging in partnership with the Ellen MacAurthur Foundation, as part of efforts to burnish their green credentials.

The headline pledge was that 100% of plastic packaging would be reusable, recyclable or compostable by 2025, but this goal will "almost certainly be missed by most organisations", the environmental group's report said.

Nestle said these targets were hampered by a lack of government recycling infrastructure globally, noting that it had reduced the amount of virgin plastic it uses by 8% since 2018.

Mars said it is making progress in tackling plastic waste and investing hundreds of millions of dollars to redesign thousands of packaging components.

Pepsi and Coca-Cola did not respond to requests for comment.

Greenpeace said the report is evidence that voluntary corporate targets have failed and called on the U.N. to forge a treaty that forces governments and companies to use less single-use plastic packaging.

"This underlines the need for governments to ensure that the global plastic treaty ... delivers major reductions in plastic production and use," said Graham Forbes, Greenpeace’s USA Global Plastics Project Leader.

"Anything less than this is a disservice to our communities and our climate." (Reporting by Joe Brock; Editing by Ana Nicolaci da Costa)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MSCI SINGAPORE (GDTR) 0.36% 5941.38 Real-time Quote.6.11%
NESTLÉ S.A. -0.40% 109.92 Delayed Quote.3.02%
PEPSICO, INC. -0.23% 171.16 Delayed Quote.-5.04%
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Analyst Recommendations on PEPSICO, INC.
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Financials (USD)
Sales 2022 85 123 M - -
Net income 2022 9 693 M - -
Net Debt 2022 32 097 M - -
P/E ratio 2022 23,7x
Yield 2022 2,64%
Capitalization 239 B 239 B -
EV / Sales 2022 3,18x
EV / Sales 2023 3,08x
Nbr of Employees 309 000
Free-Float 73,7%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 171,16 $
Average target price 186,55 $
Spread / Average Target 8,99%
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Managers and Directors
Ramon Luis Laguarta Vice President-Business Development
Hugh F. Johnston President-Pepsi-Cola North America
Seth Cohen Chief Information Officer & Senior Vice President
Pietro Antonio Tataranni Chief Medical Officer & Senior VP-Life Sciences
Gregg Roden Chief Operations Officer & Executive VP