Food giant Nestle pledged on Tuesday to spend over 1 billion Swiss francs ($1.01 billion) by 2030 on efforts to source coffee sustainably, more than double its previous pledge, as challenges linked to climate change pose particular risks for the bean.
Nestle, which has already pledged to source all its coffee sustainably by 2025, said it is now also aiming, by that date, for 20% of its coffee to be grown using 'regenerative' agricultural practices.
These include planting cover crops to protect soil, using organic fertilizers to improve soil fertility and increasing the use of agroforestry and intercropping to preserve biodiversity - all with the aim of halving greenhouse gas emissions by 2030. The company, in a statement announcing its plan to double spending on sustainable coffee sourcing, said it is "committed to supporting farmers who take on the risks and costs associated with the move to regenerative agriculture", and will provide programmes aimed at helping them improve their income.
The coffee sector is valued at $200 billion-$250 billion a year at the retail level, according to the report, but producing countries receive less than 10% of that value when exporting beans, and farmers even less than that. Around 125 million people around the world depend on coffee for their livelihoods, while an estimated 80% of coffee-farming families live at or below the poverty line, according to non-profit organisations Fairtrade and Technoserve.Reporting by Maytaal Angel; Editing by Susan FentonAward-nominated reporter covering high impact events in soft commodities and agricultural commodities more broadly, analysing industry trends and uncovering developments that drive the market.
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