The company says its latest initiative aims to accelerate its commitment to sustainability by establishing long-term goals aimed at increasing the efficiency of the business, while also reducing the use of both energy and materials.
In line with this, the company says it is also targeting zero consumer and manufacturing waste going to landfills; an area of increasing concern for environmentally aware consumers.
he new set of goals, which were established in conjunction with the World Wildlife Fund, will be assessed according to a series of ten year plans, the first of which will be delivered by 2020, and is in addition to the company's existing 2012 sustainability goals.
"P&G's commitment to sustainability can have a major influence on transforming the marketplace and we are pleased to have worked with them on their new sustainability vision," said Carter Roberts, CEO, World Wildlife Fund US.
"By engaging with major companies like P&G, we can have broad and lasting impact on our conservation objectives," he added.
Key initiatives in the product arena include replacing the use of petroleum-based materials, with the aim of cutting their use by 25 percent in the ten year period.
Likewise the company is looking to reduce packaging of individual products by 20 percent, while pilot studies will be implemented aimed at the total elimination of landfill solid waste in both developed and developing markets.
On the operations side of the business, the company has pledged that 30 percent of its production facilities will be running on renewable energy by 2020, while disposed manufacturing waste will be reduced to less than 0.5 percent and truck transportation volume will be reduced by 20 percent.
Progress towards reaching the first of the ten year plans will be reported on an annual basis.
"I am convinced that innovation can uncover solutions to the major sustainability issues facing us: challenges like waste, emissions, and water use," said P&G Vice President, Global Sustainability, Len Sauers. "Innovation and external partnerships are key components of a successful sustainability program."
P&G's latest initiative is along the lines of those unveiled by its major rival, the Anglo-Dutch company Unilever.
This year Unilever CEO Paul Polman revealed his ambitions to double the size of the business while still managing to reduce the overall carbon footprint of the business.
Polman believes that the two objectives can be achieved because added cost savings from improved production efficiencies will help to spur further growth in the business.