In an open letter on Tuesday, Starbucks CEO Kevin Johnson said the coffee chain would aim to become "resource positive."
Johnson said that Starbucks would seek a 50% cut in carbon emissions from its direct operations and supply chain. The company will also ensure that at least 50% of its water comes from conserved or replenished sources and also aim to cut 50% of the waste it sends to landfills.
To achieve this, Johnson said that the company would expand plant-based options and migrate towards a "more environmentally friendly menu."
“It shows how the trend continues to go mainstream," Oppenheimer analyst Rupesh Parikh told Bloomberg. “Beyond likely has a chance at selling products at Starbucks.”
Starbucks ‘Resource Positive' Pledge
The coffee giant will also shift from single-use to reusable packaging, according to Johnson, besides making investments in relevant climate infrastructure.
The Starbucks pledge is similar to what Microsoft Corporation (NASDAQ: MSFT) said last week, except the latter pledged to become "carbon negative."
Unlike Microsoft, Starbucks' pledge is somewhat short of details on its plan to fulfill the "multi-decade aspiration to become resource positive and give more than we take from the planet."
The plant-based meat maker Beyond Meat's shares closed 18.38% higher at $129.18. The shares added another $1.22 in after-hours trading.
Starbucks' shares closed 1.16% lower at $92.53 on Tuesday.
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