"The packaging looks, functions and recycles like traditional PET but has a lighter footprint on the planet and its scarce resources," Coca-Cola said.
The bottle was unveiled at the World Expo in Milan on Wednesday.
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The announcement follows a growing trend of companies introducing policies to reduce their emissions and waste, in order to become (or at least appear to be) more environmentally sustainable.
For instance, Coca-Cola rival, PepsiCo, says it saved more than 1,000 metric tons of PET in 2013 through packaging innovations. Meanwhile, Olay, one of Procter & Gamble's flagship brands, says it reduced the amount of plastic used by 800,000 tons a year through making changes to the design of its Total Effects bottlepump.
Coca-Cola has already created an eco-friendly bottle, dubbed the "PlantBottle," that is made from up to 30 percent plant-based materials. The PlantBottle packaging uses sugarcane and waste from the sugarcane manufacturing process.
According to its recent press release, Coca-Cola has distributed more than 35 billion bottles with PlantBottle packaging since 2009 and estimates that this has helped reduce carbon dioxide emissions by more than 315,000 metric tons.