Uber Technologies (NYSE:UBER) and Visa (NYSE:V) joined forces to accelerate the transition of Small and Medium-sized Businesses (SMBs) to sustainable packaging. The companies pledged $1 million toward funding green and sustainable packaging solutions developed by qualifying SMBs.
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Eligible restaurants using Uber Eats in New York, Los Angeles, London, Madrid, and Paris will be able to access the fund. The joint effort will help restaurant owners reduce waste produced during packaging, thus contributing toward better environmental health.
“Single-use packaging is used in nearly every takeout order worldwide—with Visa and our restaurant partners we can work towards reducing waste and helping small businesses thrive,” said Pierre-Dmitri Gore-Coty, Senior Vice President and Global Head of Delivery for Uber.
Last year, a study conducted by the U.S. National Restaurant Association found that while restaurants are prioritizing sustainable packaging nowadays, the rising costs and relentless supply chain snags in the hospitality industry are making it difficult to achieve. Uber’s partnership with Visa was a step in the direction of addressing this issue.
The effort by Uber does not come as a surprise. The company has been taking initiatives to reduce its carbon footprint in its core business, cab-hailing, as well. In 2020, Uber announced its commitment to eliminate emissions from its mobility platform by 2040, after transitioning to a 100% electric vehicle fleet.
What is UBER’s Stock Prediction?
UBER stock has a Strong Buy consensus rating on Wall Street, based on 14 unanimous Buys. The average price target of $46.46 indicates an upward potential of 58.19%.
