Coca-Cola Europacific Partners (CCEP) has announced a new programme that seeks to develop technologies to tackle water scarcity.
The project will see CCEP's innovation arm, CCEP Ventures, partnering with Deep Science Ventures (DSV) to work with water specialists and entrepreneurs to develop and implement new technologies to address the issue.
Studies show that global freshwater demand will outstrip supply by 40% by the end of this decade, making it critical for businesses to find new solutions to boost availability.
Craig Twyford, head of CCEP Ventures, said, “With climate change exacerbating water scarcity in many parts of the world, we have a responsibility to think innovatively about how we respond to this issue.
“The launch of this project reflects our ongoing commitment to water stewardship and our ambition to build a more water-secure world, both for our business, our industry, and the communities we work alongside.”
Water is a vital component for the beverage industry, both as an ingredient and in agricultural and manufacturing processes, the company noted.
As part of CCEP's sustainability strategy – This is Forward – the company has pledged to replenish 100% of the water used in its beverages each year.
The project will boost existing water stewardship efforts at CCEP, which has set specific targets for water use at each of its manufacturing sites and invested €1.6 million in water efficiency technologies and processes in 2022, CCEP added.
These projects address water risks near CCEP’s operations and in local communities, in partnership with The Coca-Cola Company, local NGOs, and community groups.
Adam Tomassi-Russell, climate and energy director at DSV, added, “This partnership with Coca Cola Europacific Partners, a globally renowned leader in their field, leveraging DSV’s outcome-focused venture creation methodology, will result in the creation of ventures that are well-placed to scale, to build resilience into the global supply of industrial freshwater.”
This project follows CCEP's previous investments into carbon capture, chemical recycling, and the launch of a separate $137.7 million venture capital fund focusing on sustainability investments, in partnership with The Coca-Cola Company and seven other bottling partners from around the world."