Keurig Dr Pepper Highlights Meaningful Progress Towards Ambitious Commitments in Latest Corporate Responsibility Report

Rhea-AI Summary

Keurig Dr Pepper (NASDAQ: KDP) has published its 2023 Corporate Responsibility Report, showcasing significant strides in its sustainability and corporate responsibility goals.

The report highlights progress across four pillars: Environment, Supply Chain, Health & Well-Being, and People & Communities. Key achievements include a 21% reduction in Scope 1 and 2 emissions, a 12% reduction in Scope 3 emissions, a 15% reduction in virgin plastic use, and 27% post-consumer recycled content in packaging. Additionally, KDP supported regenerative agriculture on over 43,000 acres and responsibly sourced 100% of its coffee and cocoa.

The company also reported that 59% of its product portfolio now offers positive hydration, and it has made notable advances in community engagement and diversity representation. The report aligns with GRI, SASB, and TCFD standards.

Positive

• 21% reduction in Scope 1 and 2 emissions.
• 12% reduction in Scope 3 emissions.
• 15% reduction in virgin plastic use.
• 27% post-consumer recycled content in packaging.
• Supported regenerative agriculture on over 43,000 acres.
• 100% responsibly sourced coffee and cocoa.
• 59% of product portfolio offers positive hydration.
• Significant advances in community engagement and diversity representation.

Negative

• None.

BURLINGTON, Mass. and FRISCO, Texas, June 20, 2024 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today announced the publication of its 2023 Corporate Responsibility Report. The annual report highlights progress made toward its corporate responsibility goals and priorities, including strong performance across four pillars of activity including Environment, Supply Chain, Health & Well-Being and People & Communities.

"We recently elevated Drink Well. Do Good., our longstanding corporate responsibility approach, to be KDP's company purpose. Our purpose plays a critical role in guiding how we go about delivering positive impact for our stakeholders through our strategic framework and business priorities," said Tim Cofer, Chief Executive Officer. "This year's report highlights bold actions and strong partnerships to advance our multi-year agenda."

Notable progress from KDP's 2023 Corporate Responsibility report includes:

• Reducing Emissions: KDP continues to make significant progress on its 2030 goals to reduce Scope 1 and 2 emissions by 30% and Scope 3 emissions in select categories by 15% compared to 2018. For 2023, the Company reports a 21% reduction in Scope 1 and 2 emissions and a 12% reduction in Scope 3 emissions in select categories, driven by actions such as renewable electricity purchases and advancing fleet electrification with 18 electric vehicles deployed in Canada.
• Advancing a Circular Economy: KDP remains committed to reducing its virgin plastic use by 20% by 2025, achieved in part by incorporating more post-consumer recycled content across its packaging portfolio. In 2023, the Company achieved a 15% virgin plastic reduction compared to 2019 and incorporated 27% post-consumer recycled content in its packaging portfolio, including continued conversion of Bai and Core Hydration+ products to 100% recycled plastic bottles¹.
• Building Sustainable Supply Chains: KDP made progress on its 2030 goal to support regenerative agriculture and conservation practices on 250,000 acres of land by reaching more than 43,000 acres of land in 2023 and, for the first time, reported acreage from its apple supply chain on behalf of the Mott's® brand. Furthermore, the Company reported that it responsibly sourced 100% of its coffee and cocoa in 2023².
• Delivering Positive Hydration Products: KDP remains on track to provide positive hydration in 60% of its products by 2025. In 2023, the Company's investments in innovation, renovation and partnerships resulted in 59% of its portfolio providing positive hydration, an increase from 57% at year-end 2022. In addition, the Company continued to expand the distribution of better-for-you offerings to new and varied markets to reach a diverse mix of consumers through activities including local in-store marketing and merchandising collaborations.
• Investing in People and Communities: KDP supported community engagement through partnerships and employee volunteerism, including activation of its multi-year community impact partnership with the Red Cross. The Company also made notable progress toward its 2025 goals to increase diverse representation with women and people of color in director and above positions through attraction, retention and development efforts.

"Keurig Dr Pepper's corporate responsibility commitments and progress are deeply intertwined with policy progression and partnerships," said Monique Oxender, Chief Corporate Affairs Officer. "It is at this intersection where necessary technologies and behaviors can flourish, paving the way for enduring, impactful solutions."

This report was created with reference to the Global Reporting Initiative (GRI) Index and is in alignment with the Sustainable Accounting Standards Board (SASB) Standards and the Task Force on Climate-Related Financial Disclosures (TCFD).

The full 2023 Corporate Responsibility Report, Data Summary, Goal Methodology and Reporting Frameworks can be found on KDP's website, along with additional disclosures available here, such as the Company's 2023 CDP Climate and Water Submissions.

About Keurig Dr Pepper
Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company in North America, with a portfolio of more than 125 owned, licensed and partner brands and powerful distribution capabilities to provide a beverage for every need, anytime, anywhere. With annual revenue of approximately $15 billion, we hold leadership positions in beverage categories including soft drinks, coffee, tea, water, juice and mixers, and have the #1 single serve coffee brewing system in the U.S. and Canada. Our innovative partnership model builds emerging growth platforms in categories such as premium coffee, energy, sports hydration and ready-to-drink coffee. Our brands include Keurig®, Dr Pepper®, Canada Dry®, Mott's®, A&W®, Snapple®, Peñafiel®, 7UP®, Green Mountain Coffee Roasters®, Clamato®, Core Hydration® and The Original Donut Shop®. Driven by a purpose to Drink Well. Do Good., our 28,000 employees aim to enhance the experience of every beverage occasion and to make a positive impact for people, communities and the planet. For more information, visit www.keurigdrpepper.com and follow us on LinkedIn.

Media Contact:
Laren Marra
Keurig Dr Pepper
T: 773-865-3522 /
laren.marra@kdrp.com

Investor Contacts:
Jane Gelfand
Keurig Dr Pepper
T: 888-340-5287 /
jane.gelfand@kdrp.com

Chethan Mallela
Keurig Dr Pepper
T: 888-340-5287 /
chethan.mallela@kdrp.com 

¹ Excluding lids and caps.
² In 2023, 0.002% of coffee (a single shipment) was received as conventional per a customer requirement.

 

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SOURCE Keurig Dr Pepper

FAQ

What emissions reduction targets has Keurig Dr Pepper achieved in 2023?

In 2023, Keurig Dr Pepper achieved a 21% reduction in Scope 1 and 2 emissions and a 12% reduction in Scope 3 emissions.

What is Keurig Dr Pepper's progress on reducing virgin plastic use?

Keurig Dr Pepper achieved a 15% reduction in virgin plastic use in 2023.

How much post-consumer recycled content is used in Keurig Dr Pepper's packaging?

Keurig Dr Pepper's packaging portfolio incorporated 27% post-consumer recycled content in 2023.

How does Keurig Dr Pepper support regenerative agriculture?

Keurig Dr Pepper supported regenerative agriculture on over 43,000 acres of land as of 2023, including acreage from its apple supply chain for the Mott's brand.

What percentage of Keurig Dr Pepper's product portfolio offers positive hydration?

As of 2023, 59% of Keurig Dr Pepper's product portfolio offers positive hydration.

What are Keurig Dr Pepper's achievements in community engagement and diversity?

Keurig Dr Pepper made notable progress in community engagement through partnerships and employee volunteerism and increased diverse representation in director and above positions.