In a ground-breaking move, Grab Holdings Limited (NASDAQ: GRAB), has unveiled a new environmental target aligned with its ESG (Environmental, Social, and Governance) commitments. The company seeks to address the escalating problem of packaging waste in Southeast Asia by vowing to achieve zero packaging waste in nature by the year 2040.
Cheryl Goh, Grab’s Group Head of Marketing and Sustainability, admitted the challenge posed by food packaging waste, an inevitable by-product of the company’s bustling food delivery platform. The company plans a comprehensive transformation, involving introspection and collaboration with stakeholders like regulators, packaging manufacturers, waste management firms, merchant-partners, and consumers.
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To attain its ambitious waste target, Grab has laid out a two-pronged approach. The first phase, running until 2030, will concentrate on minimizing overpackaging, replacing single-use plastics with compostable alternatives, and fostering the use of reusable and recyclable packaging. Since 2019, Grab has already been actively advocating for consumers to forgo single-use cutlery for their food deliveries, a move that has saved a whopping 23,800 tonnes of waste. By the end of phase one, Grab aims to divert 30% of plastic packaging.
The second phase will see the company transition to long-term, scalable solutions such as proper waste collection and the support for reusable packaging to nurture a circular economy, ultimately leading to its zero packaging waste goal by 2040.
Grab’s latest ESG report also highlighted the company’s 2022 performance across key areas. From creating sustainable livelihoods for everyday entrepreneurs, maintaining a safe and trusted platform, to accelerating carbon neutrality efforts, Grab has made significant strides. In 2022 alone, partners earned a total of US$10.6 billion through the platform, a 19% increase from the previous year.
This information is based on a press release from Business Wire.