Global food and beverage company PepsiCo has become the latest funding partner for The Recycling Partnership, a US-based non-profit organisation, in a bid to increase recycling rates across the country.

The investment is expected to improve The Recycling Partnership's reach and increase recycling rates locally and internationally.

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The collaboration is expected to address the continued shortfall in US recycling rates, where less than half of recyclables are being procured.

PepsiCo, which has already reduced packaging waste from its snack and beverage products, eliminated nearly 100 million lbs of packaging and used 139 million lbs of recycled PET in 2015.

Last year, the company unveiled plans to design 100% of its packaging to be recoverable or recyclable by 2025.

"To meet our ambitious new goals on packaging waste and recovery, we need to find solutions that work at scale."

PepsiCo Global Water and Environmental Solutions vice-president Roberta Barbieri said: “To meet our ambitious new goals on packaging waste and recovery, we need to find solutions that work at scale.

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“This starts with the design of our packaging, and PepsiCo is investing to ensure the materials we use are recoverable or recyclable.”

PepsiCo has already announced several initiatives to tackle packaging waste.

In March, the company signed an agreement with biotechnology company Danimer Scientific to develop biodegradable film resins for thin film packaging.

In May, it joined the Ellen MacArthur Foundation-led initiative ‘New Plastics Economy’ to help develop a sustainable global plastics value chain.

PepsiCo's product portfolio includes variety of foods and beverages that generate a combined retail sales of more than $1bn.