[Asia Economy Reporter Kwon Jae-hee] Global coffee chain Starbucks has declared that it will achieve carbon neutrality in the coffee green bean production process by 2030.
According to CNBC on the 17th (local time), Starbucks announced at its annual shareholders' meeting held that day that it aims to reduce water usage in the green bean production process by half by 2030.
To this end, Starbucks added that it will cut carbon emissions generated in the green bean production process, whether directly operated or supplied, by half, and also reduce various wastes sent from stores to landfills by half.
Kevin Johnson, Starbucks CEO, stated on social media (SNS) on the day commemorating Starbucks' 50th anniversary, "We are a company that aspires to give back more to people and the planet than we take, while bringing prosperity to everyone connected to Starbucks."
Additionally, at the shareholders' meeting, Starbucks announced plans to start testing cold press espresso at some stores by the end of this year.
This is because younger generations have shown a strong preference for iced beverages, which directly impacts store sales. Over the past three years, consumers have spent more than $1 billion on Starbucks' iced beverages.
Furthermore, Starbucks plans to invest $150 million (approximately 169.4 billion KRW) by 2022 to open a sustainable roasting plant in China, one of its two major markets.
Starbucks is gaining popularity among investors by emphasizing social values such as racial justice and climate change. According to global investment bank RBC Capital Markets, it was ranked as the most popular dining stock in the S&P 500 market, which actively manages ESG (Environmental, Social, and Corporate Governance) dedicated funds.
Starbucks' stock price has risen about 87% over the past year, with a market value approaching $130 billion. Although Starbucks was hit by the COVID-19 pandemic, it has rapidly recovered in its major markets, the United States and China, with the next quarter's sales growth rate in the U.S. market expected to be between 5% and 10%.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
