Starbucks, PayPal and PSEG Join Ceres' Company Network
March 15, 2021 /3BL Media/ - Starbucks Corp., PayPal Holdings Inc. and PSEG have joined the Ceres Company Network, the sustainability nonprofit Ceres announced today.
By joining, Starbucks, PayPal and PSEG become part of a network of 55 major companies—including many Fortune 500 firms—working to drive sustainable business leadership. As members, the companies commit to achieving robust sustainability goals, improving resiliency in their operations and supply chains, and advancing market-based and equitable solutions to the world’s biggest sustainability challenges.
The Ceres Company Network provides company members with unique access to Ceres experts and a range of peers and stakeholders, including investors and policymakers, to gain various perspectives and guidance in sustainability in this critical time. Members are given clear insight into best practices for achieving sustainability goals as detailed in the Ceres Roadmap 2030. Ceres released the 10-year action plan last year to help companies tackle the world’s most critical sustainability needs - to stabilize the climate, protect water and natural resources and build a just and inclusive economy—and thrive in the accelerated transition to a just, sustainable, net zero emissions future.
“We are thrilled to welcome Starbucks, PayPal and PSEG into the Ceres Company Network and support them as they continue along on their sustainability journey. These companies already recognize the value of effective sustainable business strategies to help solve the world’s acute environmental and social crises of our time,” said Kristen Lang, senior director of the Ceres Company Network. “Ceres will support them every step of the way, as they work to achieve the actions in the Ceres Roadmap 2030 and gain a competitive advantage in integrating stronger sustainability practices.”
Starbucks, already a leader in the ethical sourcing of raw materials and engaging farmers and the communities in which they operate worldwide - recently committed to become resource positive by 2030, meaning it will do more to restore the water and other natural resources than it uses. A founding member of Ceres’ Policy Network (BICEP), Starbucks also committed within this next decade to reduce greenhouse gas emissions by 50% from its operations and supply chains; replenish 50% of the water it uses in direct operations and coffee production, and reduce by 50% of the waste they sent to landfills, as it begins a broader shift towards a circular economy.
“As Starbucks pursues our goal to be a resource positive company, strategic collaborative efforts like the Ceres-led Company Network are critical in helping us achieve this aspiration,” said Michael Kobori, Starbucks chief sustainability officer. “By bringing investor voices, policy, stakeholder perspectives, and expert research together under one platform, Ceres is helping us elevate and accelerate our work to build a more sustainable and equitable future for the planet we share.”
PayPal believes that financial security is critical to the resilience of individuals, organizations and communities impacted by a changing climate. As part of its mission to democratize financial services, the company is exploring opportunities to mobilize its payments platform and manage its environmental impacts to support an equitable transition to a climate-neutral economy. PayPal has made significant investments in solar energy and set a goal to reach 100 percent renewable energy in its data centers by 2023. PayPal has also committed to set additional science-based emissions reduction targets as part of the Science Based Targets initiative and Business Ambition for 1.5°C.
“We are pleased to join with Ceres and its member companies to address the biggest sustainability challenges that threaten our global community, including the destabilizing effects of climate change, which are disproportionately borne by the financially underserved,” said Franz Paasche, senior vice president of corporate affairs at PayPal. “Inclusive climate action is vital to fulfilling our company’s mission to create a global economy where every person has the opportunity to thrive.”
Public Service Enterprise Group (PSEG), a diversified energy company, has set a net zero emissions by 2050 commitment, making it among leaders in the electric utility industry in the growing net zero movement. The company has also supported legislation for New Jersey to become 100 percent carbon free by 2050, and invests in energy efficiency and management programs that help customers reduce their energy consumption. As our nation transitions to a low-carbon economy, PSEG has shown keen interest in providing a just transition for workers and equity in access to clean energy.
“We’re pleased to join Ceres because we wholeheartedly share their mission of transforming the economy to build a just and sustainable future,” said PSEG Chairman, President and CEO Ralph Izzo. “At PSEG, we’re transforming our business and investing in a clean energy future - one that aims to help customers use less energy while ensuring the energy they do use is as reliable as ever. And like Ceres and its member companies, we believe the business case for sustainability is compelling and that a science-based climate advocacy agenda, along with collective action from policymakers, regulators, investors and companies like ours, will help address climate change and build a more inclusive economy.”
As sustainability advocates, Ceres works with members of the Ceres Company Network to help them evolve, transform and successfully navigate toward a more equitable, just and sustainable future where sustainability is the bottom line. Ceres helps companies move from commitment to impact.
Members recognize the business value of embedding sustainability into core business priorities, governance and strategy, and consistently strive toward sustainable business leadership. In support of this, all members commit to a set of expectations that are designed to build a foundation of collaborative partnership, guide constructive engagement and define a minimum standard of performance for sustainable business leadership.
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we inspire action and drive equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.