Starbucks has announced the issuance of a new $1 billion (£0.78bn) sustainability bond to support its ethical coffee sourcing and Greener Retail initiative.
The sustainability bond will help fund the company’s commitments, which include designing, building and operating 10,000 greener stores globally by 2025 as well as energy efficiency, renewable energy, water and waste reduction projects.
The funds will also support investments in greener cups and packaging with projects such as the rollout of strawless lids and identifying the next generation of recyclable and compostable cups.
In addition, Starbucks will buy coffee that is verified by Coffee and Farmer Equity Practices and provide new and refinanced loans to coffee farmers.
Patrick Grismer, CFO of Starbucks said: “We are very pleased to see that our new Sustainability Bond attracted significant investor interest and was oversubscribed.
“The sustainability bond demonstrates Starbucks commitment to meaningful, continual progress toward our aspiration of sustainable coffee, served sustainably. It also illustrates a trend toward heavier interest from investors in our socially and environmentally focused projects – in this case supporting coffee farmers and leading in green retail.”
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