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illuminem summarizes for you the essential news of the day. Read the full piece on CNBC or enjoy below:
🗞️ Driving the news: Starbucks is investing in two new coffee farms in Costa Rica and Guatemala as part of its strategy to protect its coffee supply from the impacts of climate change
• The company will study how hybrid coffee varieties perform in varying elevations and soil conditions to enhance productivity and resilience
• Starbucks hopes to address challenges like depleted soils and labor shortages while securing its coffee supply
🔭 The context: Coffee production has been increasingly threatened by extreme weather patterns such as rising temperatures, frosts in Brazil, and repeated La Niña events
• Starbucks, which buys 3% of the world’s coffee, faces supply shortages and rising prices
• These farms are part of the company’s efforts to develop climate-resistant coffee plants and improve sustainability practices across the Coffee Belt
🌍 Why it matters for the planet: By experimenting with hybrid coffee varieties and sustainable farming practices, Starbucks is helping farmers adapt to climate change, which is essential for preserving biodiversity and securing livelihoods in coffee-growing regions
• The company's initiatives aim to mitigate the environmental impacts of coffee production
⏭️ What's next: Starbucks plans to purchase additional farms in Africa and Asia, expanding its research to different climates and further strengthening its global coffee supply chain
💬 One quote: "We wanted a farm that really mirrors the challenges that farmers are having today," said Roberto Vega, Starbucks VP of global coffee agronomy
📈 One stat: Coffee prices have risen by 18% over the last five years, driven by climate-induced supply pressures
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