Wal-Mart said on Friday it will launch a 5-year plan to reduce the amounts of natural resources it uses for packaging by 5 percent.

The retailer said it will put pressure on its 60,000 worldwide suppliers to reduce the amount of material they use for packaging and is urging them to conserve natural resources. The initiative is set to start in 2008.

"Even small changes to packaging have a significant ripple effect. Improved packaging means less waste, fewer materials used, and savings on transportation, manufacturing, shipping and storage,' said Wal-Mart CEO H. Lee Scott.

Wal-Mart said the initiative will create $10.98 billion in savings by reducing the production levels by 5 percent in just 10 percent of global packaging industry. The retailer hopes to save $3.4 billion in total.

The announcement came at the conclusion of the Clinton Global Initiative in New York City. Wal-Mart's initiative is expected to save 667,000 metric tons of carbon dioxide from entering the atmosphere which is the equivalent of removing 213,000 trucks annually from the road, and preventing 66.7 million gallons of diesel fuel from being burned.

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