Italian food company Gruppo Granarolo has obtained a loan worth €30 million from BNP Paribas for its sustainability initiatives, reports suggest.
Over the next five years, the company will use the money to develop and carry out a series of industrial activities to further reduce the consumption and weight of plastic in its packaging, and also focus on making it easier to recycle and reuse.
Through investments in research and innovation, it will also experiment with alternative materials and forms of production that have a lower environmental impact, according to a report in foodaffairs.it.
BNP Paribas is already working with Granarolo on three projects which include innovation and animal welfare, moving away from the use of virgin plastics, and reduction in food waste.
In March 2019, the food group launched milk bottles made of 20% recycled plastic, which it claimed was a first in Italy.
Six months later, the company introduced bottles with 25% recycled plastics. By the end of 2021, it aims to switch to 50% recycled plastics for all milk bottles.
Gruppo Granarolo is comprised of Granlatte, a cooperative of milk producers and Granarolo S.p.A., a joint-stock company, which processes and sells the company's products, and has 21 production sites in and outside of Italy.
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