Adding to a string of recent green friendly announcements, Wal-Mart is unveiling a five-year plan to reduce packaging on the products it sells by 5 percent and reap an estimated $3.4 billion to $11 billion in cost savings in the process.

"A 2 percent reduction in a package's size is worth millions and millions of dollars," said Matt Kistler, Wal-Mart's vice president of product and packaging innovation.