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Watch Coca-Cola, Pepsi CEOs discuss plastics at the World Economic Forum

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In a rare joint appearance, the chief executives of the world's largest beverage companies discuss their efforts to reduce plastic use.

PepsiCo CEO Ramon Laguarta and Coca-Cola CEO James Quincey are joined by the CEO of plastic-maker Dow Chemical, Jim Fitterling, at the World Economic Forum panel about transforming the plastics economy.

Both Coke and Pepsi have been working to reduce their plastic waste. Coca-Cola is working toward recovering and recycling the equivalent of 75 percent of the bottles it introduces in developed countries by 2020. Last month, the company announced two investments in recycling technologies that will allow Coke to use recycled plastics for its bottles more efficiently.

Pepsi is aiming for all of its packaging to be recyclable, compostable or biodegradable by 2025. Most recently, the food and beverage giant has been testing compostable bags for chips in Chile, India and the U.S.

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