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Coffee shop giant Starbucks has doubled the size of its Global Farmer Fund program to $50m (£31.5m), as part of the chain's ethical sourcing initiatives to help ensure the sustainability of the specialty coffee industry.
The investment is the continuation of an initial $20m commitment made in 2008, and distributed in collaboration with leading lending organizations such as Root Capital and the Fairtrade Access Fund. To date, the financing has impacted more than 62 cooperatives in 8 countries benefitting more than 40,000 farmers, says the company.
“In 2015, we have achieved a number of milestones across our ethical sourcing initiatives but we know that the work isn’t done. This new investment demonstrates how we remain steadfast in our support of farmers around the world,” said Craig Russell, executive vice president of Global Coffee for Starbucks.
“By providing access to capital, farmers have the ability to make strategic investments in their infrastructure, offering the stability they need to manage ongoing complexities so that there is a future for them and the industry.”
For the full story see the July 2015 issue of Ethical Performance.
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