The company says the round of investments is a major step to scale solutions to advance water access and reduce waste sent to landfills.

Ahead of its annual meeting of shareholders March 23, Starbucks, Seattle, has announced more than $50 million in planned investments to advance its target to cut its water and waste footprints in half by 2030.

Starbucks says it intends to invest $10 million in New York-based Closed Loop Partners’ operating company, Circular Services, which was formed in concert with U.K.-based Brookfield Renewable in November 2022. Along with Starbucks, PepsiCo, Unilever, Nestle, SK Group and Microsoft will be investing in Circular Services, bringing the recycling operation’s total investments to nearly $1 billion.