Press release
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september 26, 2018 - Starbucks
Starbucks Commits $20M for Emergency Relief to Farmers Impacted by Coffee Price in Central America
Press release available only in original language.
The additional $20 million commitment reinforces #starbucks mission to make coffee the first sustainable agriculture product through ethical sourcing, healthy coffee trees, farmer financing and agronomy expertiseSeattle, WA (September 25, 2018) - In response to critically low coffee prices in Central America, #starbucks (Nasdaq: SBUX) announced today a commitment of up to $20 million to temporarily relieve impacted smallholder farmers with whom #starbucks does business, until the coffee market self-corrects and rises above the cost of production. These funds will go directly to smallholder farmers in Nicaragua, Guatemala, Mexico and El Salvador to subsidize farmer income during the upcoming harvest season in Central America.
“A majority of the coffee we purchase comes from smallholder farmers and the coffee crisis in Central America related to low prices cannot be ignored,” said Michelle Burns, senior vice president, Global Coffee and Tea. “We have a role and responsibility in helping smallholder farmers sustain their livelihoods. Their success will help ensure the long-term health of coffee productivity.”
“We have been severely affected by the recent price decline in the futures market. With today’s prices I can’t invest in my farm, in fact, I can barely cover labor costs. With these prices, my farm is just not profitable,” said Pedro Rosales Ubeda, Villa Nueva farm owner in Nicaragua. “Through #starbucks initiative I could receive a higher price for my coffee, cover my expenses and make a profit. This means I could provide better conditions to coffee pickers and their families. Also, this will allow me to invest more in my farm, be more productive and offer a better-quality coffee.”
Further information in the press release to download
Coffee Farmers Central America
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Coffee Farmers Central America (1)
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Coffee Farmers Central America (2)
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