The American Beverage Association will coordinate a new "Every Bottle Back" initiative by the nation's three largest beverage companies to improve plastics recycling and collection, the association announced Tuesday.

Coca-Cola, Pepsi and Keurig D. Pepper will together create $100 million fund to improve plastics recycling in the U.S., according to a news release. The money will be matched three-to-one by other grants and investors to raise a total of $400 million.

ABA will coordinate the investment working with the Virginia-based nonprofit The Recycling Partnership and New York-based investment firm Closed Loop Partners. The World Wildlife Fund will provide strategic scientific advice.

The companies will also launch a public relations campaign and debut new packaging encouraging consumers to recycle.

"Our industry recognizes the serious need to reduce new plastic in our environment, and we want to do our part to lead with innovative solutions," ABA CEO Katherine Lugar said. "Our bottles are designed to be remade, and that is why this program is so important."

In recent years there has been increasing public pressure to reduce plastics pollution. California recently passed a law requiring half of plastics used in bottles to come from recycled plastic by 2030. In addition, Pepsi and Coca-Cola recently announced they were leaving the Plastics Industry Association amid pressure by environmentalists who accuse the group of stopping meaningful progress on reducing pollution, a charge the association disputes.

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