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The Cheesecake Factory Incorporated Commits to Reduce Carbon Emissions in Alignment With the Paris Agreement
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Rhea-AI Summary
The Cheesecake Factory (NASDAQ: CAKE) has committed to reducing its carbon emissions in alignment with the Paris Agreement and aims for net zero emissions by 2050. The company plans to submit its reduction targets for validation by the Science Based Targets Initiative (SBTi) and has established a dedicated sustainability department over the past decade. This commitment reflects its legacy in environmental sustainability, including sustainable sourcing tied to executive bonuses. Leading sustainability advocates commend the company's measurable goals and proactive approach.
Positive
Committed to achieving net zero emissions by 2050.
Established sustainability department focusing on operational programs.
Executive bonuses tied to sustainable sourcing and climate goals.
Plans to submit reduction targets to SBTi for validation.
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As You Sow Commends Commitment
CALABASAS HILLS, Calif.--(BUSINESS WIRE)--
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced that it is committed to reducing its carbon emissions in alignment with the Paris Agreement, an international agreement adopted to address climate change and its negative impacts by limiting global warming to 1.5-degrees Celsius. The company is working towards an annual reduction of greenhouse gas emissions with the goal of achieving 1.5 degree-aligned net zero emissions by 2050.
The company has an established track record of leading and operating its restaurants in alignment with environmental sustainability and social responsibility – including tying a portion of fiscal 2022 executive bonus compensation to its sustainable sourcing policy and climate commitments.
“This is a natural evolution of our more than 40-year legacy of doing the right thing for our guests, our staff, and our communities,” said David Gordon, President of The Cheesecake Factory Incorporated. “Over the last decade, we established a dedicated sustainability department which has been focused on creating and implementing operational programs and an overarching sustainability strategy. We are very pleased to be committing to reduce our carbon emissions as part of that strategy.”
“Making this commitment is a wonderful progression that builds upon our award-winning sustainable sourcing and food recovery programs,” said Megan Bloomer, Vice President of Sustainability for The Cheesecake Factory Incorporated. “The company has taken a creative approach to sustainability, forging and maintaining collaborative partnerships with advocacy organizations and industry thought leaders to ensure we are setting relevant goals and reaching credible achievements.”
The Cheesecake Factory marked the first step in creating its climate strategy by signing the Science Based Targets Initiative (SBTi) Commitment Letter and plans to submit reduction targets to SBTi for validation. Upon acceptance, the company plans to publish its approved targets on the SBTi website and in the company’s annual CSR report.
“With this action, The Cheesecake Factory has demonstrated their commitment to credible climate reduction goals and science-based transition plans,” said Danielle Fugere, President of As You Sow. “And, we are encouraged to see companies like The Cheesecake Factory set science-based goals to align with a 1.5-degree carbon reduction scenario.”
The Cheesecake Factory is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people – this defines who we are and where we are going. We currently own and operate 307 restaurants throughout the United States and Canada under brands including The Cheesecake Factory, North Italia® and a collection within our Fox Restaurant Concepts business. Internationally, 29 The Cheesecake Factory restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2022, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the ninth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.
As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. As You Sow envisions a safe, just, and sustainable world in which environmental health and human rights are central to corporate decision making. Its Energy, Environmental Health, Waste, and Human Rights programs create positive, industry-wide change through corporate dialogue, shareholder advocacy, coalition building, and innovative legal strategies. For more information, visit www.asyousow.org.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding the company’s commitment to reducing its carbon emissions in alignment with the Paris Agreement, the company working towards an annual reduction of greenhouse gas emissions with the goal of achieving 1.5 degree-aligned net zero emissions by 2050, the company leading and operating its restaurants in alignment with environmental sustainability and social responsibility, the company committing to reduce its carbon emissions as part of a climate strategy, the company’s plans to submit reduction targets to SBTi for validation and to publish its approved targets, and the company’s Corporate Social Responsibility Reports. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: the rapidly evolving nature of the COVID-19 pandemic and related containment measures, including the potential for a complete shutdown of the company’s restaurants, international licensee restaurants and the company’s bakery operations; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of the company’s restaurants and potential reputational damage to the company or any of its brands; economic, public health and political conditions that impact consumer confidence and spending, including the impact of COVID-19 and other health epidemics or pandemics on the global economy; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia and the Fox Restaurant Concepts restaurants, Social Monk Asian Kitchen and other concepts; the risks of doing business abroad through company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; changes in laws impacting the company’s business, including laws and regulations related to COVID-19 impacting restaurant operations and customer access to off- and on-premise dining; increases in minimum wages and benefit costs; the economic health of the company’s landlords and other tenants in retail centers in which its restaurants are located, and the company’s ability to successfully manage its lease arrangements with landlords; unanticipated costs that may arise in connection with a return to normal course of business, including potential negative impacts from furlough actions; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the company; the timing of new unit development; compliance with debt covenants; strategic capital allocation decisions including any share repurchases or dividends; the ability to achieve projected financial results; economic and political conditions that impact consumer confidence and spending; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; adverse weather conditions in regions in which the company’s restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made and the company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.
MEDIA CONTACTS
For The Cheesecake Factory:
Berk Communications Brooke Levine / Gabrielle Gaines 732-735-5982 / 917-991-8354
cheesecake@berkcommunications.com
