Waste Management to boost recycling, waste to energy

Houston's Waste Management (NYSE: WMI) announced big plans today to boost its green initiatives.

The No. 1 waste services company in the U.S. said it would double its waste to energy plants, more than double the amount of recyclable materials it processes, and clean up its fleet operations by 2020.

Waste Management, which already creates enough energy for the equivalent of 1 million homes each year, said it expects to double that output to the equivalent of more than 2 million homes.

The company also plans to boost the volume of recyclable materials it processes to 20 million tons, up from 8 million tons.

Last month, the company said it would build 60 new landfill gas to energy facilities over the next five years (see Waste Management to build 60 new landfill gas plants).

"With each person in North America producing four and a half pounds of garbage each day, we've become a leader in environmental stewardship," said David Steiner, CEO of Waste Management.

The company didn't peg an overall cost for the initiative, but did say that it expects to spend up to $5 billion on its fleet. Waste Management plans to increase the fuel efficiency of its trucks by 15 percent and reduce emissions by 15 percent by 2020.

"We're a company that protects and enhances the environment through what we do each and every day. We believe that as we improve our environmental stewardship, our profitability will improve as well," said Steiner.