Target Unveils Sustainability Goals
Retail giant Target plans to make 100 percent of its private label products environmentally sustainable by designing items that are more durable, and eliminate waste and encourage reuse by 2040. The retailer also plans to have 100 percent of the plas- tic packaging for its brands recyclable, compostable or reusable by 2025. Target said it is responding to growing consumer demand for more sustainable products and practices from companies. Within the 2040 time frame,Target is planning to be- come a net-zero enterprise,which means it will create zero waste for landfills at its U.S. operations and have net-zero emissions across its operations and supply chain. As it works toward this goal,Target has other bench- marks to reach even sooner. By 2025, all of its brands will use plastic packaging that is either recyclable, compostable or reusable. By 2030, its goal is to be the market leader for creat- ing and curating inclusive, sustainable brands and ex- periences, the company said. Starting this fall, the company will address single-use plastic bags as part of its Beyond the Bag initiative, which is looking to design retail bags that are less harmful to the environment. Seventy-two percent of U.S. consumers said sustain- ability is somewhat important or important when mak- ing purchase decisions, according to the results from the EY Future Consumer Index. The survey gathered information from 1,001 U.S. respondents and more than 14,000 global respondents in May. Thirty percent of consumers said they are spending more on products that are sustainable and better for the environment and 31 percent said they plan to increase purchasing sustainable products in the next 12 months. The goals Target announced build on its earlier ef- forts. For example,Target signed on to the New Plastics Economy Global Commitment in 2018 to commit to eliminating plastic waste by making it reusable, recy- clable or compostable. The company also has begun reducing its emissions and sourcing more of its power from renewable sources. Tekni-Plex Acquires Grupo Phoenix Tekni-Plex has signed a definitive agreement to ac- quire rigid packaging company Grupo Phoenix. This is the 15th acquisition in the past five years for the Wayne, Pennsylvania-based company.
6 July 5, 2021 Flexo Market News
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