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Starbucks to form new ESG oversight committee

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on World Coffee Portal or enjoy below:

🗞️ Driving the news: Starbucks has announced the formation of a new Environmental, Partner and Community Impact (EPCI) Board Committee
This committee is designed to enhance transparency and accountability in Starbucks' environmental, social, and corporate governance (ESG) efforts 

🔭 The context: The EPCI Committee's role includes overseeing Starbucks' adherence to evolving regulations and standards in ESG areas 
• It will also manage tools and assessments for internal and external reporting, notably the company's annual Global Environment and Social Impact Report, which tracks ESG initiative progress.

🌍 Why it matters for the planet: Starbucks is aiming to balance its aggressive growth plans, including opening 17,000 new outlets by 2030, with ambitious sustainability targets
• These include becoming 'resource positive' by 2030, reducing carbon emissions, water use, and waste, and promoting greener store designs and operations.

⏭️ What's next: The establishment of the EPCI Committee aligns with Starbucks' ongoing initiatives, such as increasing staff wages, reducing disposable cup usage, and investing significantly in water and waste reduction projects
• This indicates a continued commitment to sustainable growth and corporate responsibility.

💬 One quote: "This committee will keep us accountable and push us forward," said Laxman Narasimhan, CEO of Starbucks, emphasizing the role of the new committee in aligning the company's mission with stakeholder success

📈 One stat: Starbucks operates over 38,000 outlets globally and plans to reach 55,000 stores by 2030. The company's sustainability efforts include certifying 10,000 Greener Stores by 2025 and investing in significant water and waste reduction projects.

Click for more news covering the latest on Sustainable Business

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