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Fortune Impact Initiative: How L’Oréal, Target and Coca-Cola are making moves in the circular economy



The circular economy seeks to end waste and pollution while keeping the products and materials we use in the game for as long as possible. The three major consumer goods companies have already made strides in that direction, executives said at a news conference. Luck conference on Tuesday.

Nicole Cerroni, vice president of sustainability at L’Oréal USA, highlighting the cosmetics giant’s new product impact labeling system. L’Oréal will ask people to interact with its products in new ways, whether that means refilling bottles or using shampoo in bar form, Cerroni explains at Luck Impact Initiative in Atlanta. To help them prepare, she said, the system ranks products from A to E, based on 14 factors such as carbon emissions, ocean acidification and biodiversity. “It’s an approach to providing consumers with transparent and science-based information about the environmental impact of products from L’Oreal.”

Cerroni also cites a recent survey by L’Oréal with Morning consultation. Although more than 80% of American respondents said it was important for companies to practice such product transparency, less than half said they had the information needed to make purchasing decisions based on the nature of their products. lasting. For L’Oréal, the labeling system “is a really important step in helping consumers understand what a more sustainable choice is, what a more cyclical product is, and really starting Engage them and educate them so that we can finally ask them to change their behavior when it comes to consumption,” Cerroni said.

For its part, Coca-Cola Company has set its sights on leading the industry in refillable and reusable packaging. Michael Goltzman, vice president for global public policy and sustainable development at Coca-Cola.

Besides reusable plastic and glass bottles, the effort includes drink dispensers, Goltzman added. Coca-Cola is building on a solid foundation. “In more than 40 markets around the world today, we already have more than 25% of our portfolio in refillable packaging,” he notes. “So we’ve really built up plans to get us there so that really, if you do it on a global level, we’ll be there by 2030.”

When Target created its new sustainability strategy, forward targetAmanda Nusz, senior vice president of corporate responsibility at Target. “When we talk about the circular economy, one of the things you’ll hear from Target is that we’re really looking at it from an environmental and social lens together,” said Nusz, who is also president. of Target adds. Target Fund.

In addition to promoting opportunity and equity, Target Forward’s three ambitions include sustainable branding and design and enhancement, and innovation to eliminate waste. “We really see the importance of design thinking, design focus, to really think about how you design products that are fun, affordable, inclusive, and zero-waste,” says Nusz.

To that end, Target created the Circular Design Guide. “We trained more than 2,000 team members on what it really means to design from a circular lens,” says Nusz. Partnerships are another important part of the strategy. For example, Target partnered with an investment company Closed loop partner and fellow retailers for Outside the bag, which aims to reinvent the retail bag. After a contest to determine the most innovative ideas, Target and their colleagues agreed to test them in different markets. “Solutions will continue to evolve,” Nusz said. “Giving pilots plenty of time to learn and follow through on that is really important.”

Goltzman tied Coca-Cola’s packaging initiative to World without waste strategy, with three pillars of sustainable design, waste collection and environmental partnerships. “The circular economy is important to us because it is the way to achieve the two goals that are part of our overall ESG strategy,” he said. “Creating a circular economy helps us address the challenge around waste removal as well as the climate issue around reducing carbon emissions.”

Our new Weekly Impact Report looks at how ESG news and trends are shaping the roles and responsibilities of today’s executives—and how they can overcome those challenges best. Sign up here.

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