Monster Beverage Corporation 2023 Sustainability Report: Progress and Highlights

Rhea-AI Summary

Monster Beverage 's 2023 Sustainability Report highlights significant achievements and ongoing efforts in environmental stewardship and social responsibility. The company committed to the Science Based Targets initiative (SBTi) to set emissions reduction targets aligned with a 1.5-degree pathway. Monster also joined the Beverage Industry Environmental Roundtable (BIER) to enhance sustainability initiatives.

Key environmental progress includes installing solar panels at four company-owned buildings and implementing the EcoBeast™ platform for comprehensive data collection across operations and supply chain. In social aspects, Monster completed approximately 20,000 hours of training via Monster University and recruited 803 participants in their mentorship program.

The company's philanthropic efforts resulted in 2,715 volunteer hours through their employee Volunteer Time Off program. Monster Beverage 's commitment to sustainability aligns with their business growth, achieving 9.6% growth in energy drink case sales and a 36.9% increase in net income in 2023.

Monster Beverage Corporation 2023 Sustainability Report

NORTHAMPTON, MA / ACCESSWIRE / October 4, 2024 / At Monster Beverage we aim to use fewer resources in the production and sale of our beverages. We recognize the impact our business can have on the planet, as well as the impact the planet can have on our business. Our 2023 Sustainability Report details our sustainability journey and ongoing efforts.

2023 was a year of remarkable achievements. We launched innovative new brands, achieved 9.6% growth in energy drink case sales (in 192-ounce case equivalents), saw a 36.9% increase in net income, and welcomed the Bang® brand into the Monster family. These successes would not have been possible without the dedication of our entire Monster Energy team across the globe.

In early 2024, we committed to the Science Based Targets initiative (SBTi) to set an emissions reduction target in line with a 1.5-degree pathway within the next two years. We also joined the Beverage Industry Environmental Roundtable (BIER) to understand sustainability initiatives within the beverage sector. We conducted an inventory and analysis of our Scope 1, 2, and 3 GHG emissions across our business for 2022 and 2023, which required a deeper dive into our supply chain and operations. This process improved our oversight of the business and helped us to identify key sources of emissions. We are strategically working to reduce these emissions sources through initiatives that increase recycled content in our packaging, optimize our supply chain, increase use of renewable energy, and promote responsible water use and sourcing, all while improving efficiency and engaging team members across the business.

Our growth and sustainability progress would not be possible without our incredible employees, partners, stakeholders, customers and consumers. Thank you for being a part of our journey.

2023 PROGRESS AND HIGHLIGHTS

Environmental

• Submitted our official commitment letter to join the Science Based Targets Initiative (SBTi), indicating our ambition to set a near-term Scope 1 and Scope 2 greenhouse gas (GHG) reduction target in line with a 1.5- degree pathway within the next two years. We are currently developing our formal science-based target (SBT) for submission and approval.

• Installed operational solar panels at four company-owned buildings.

• Garnered recognition for our anaerobic digestor located at our AFF San Fernando facility, which was awarded as an outstanding renewable energy project by the nonprofit organization Energy Vision.

• As part of our initiative to collect and enhance our environmental data for both direct and indirect operations, we have successfully rolled out the three phases of our data collection process via our EcoBeast ™ platform.

  • Phase 01: Engaged with over 100 Bottlers and co-packers to collect their energy and water use data across their manufacturing and distribution operations to improve our Scope 3 data collection and track emission reduction trends across our supply chain.

  • Phase 02: Engaged with the top 25% of suppliers (by dollar spend) to collect energy and water use data to improve our Scope 3 data collection and track emission reduction trends across our supply chain.

  • Phase 03: Onboarded our direct operations into EcoBeast to support data collection for our Scope 2 inventory.

Water Stewardship

• Engaged with Waterplan, a digital water risk management platform.

• Conducted a water risk assessment of our direct operations.

• Published a Water Stewardship Policy.

Social

• Globally completed approximately 20,000 hours of training¹ via Monster University, our e-learning platform which includes technical and career training and supports business acumen and professional development.

• Globally recruited 803 participants in our mentorship program.

• Invested in additional roles to support Diversity, Equity and Inclusion (DEI).

Philanthropy

• Through our employee Volunteer Time Off program, supported 2,715 volunteer hours ² .

Governance

• Joined Beverage Industry Environmental Roundtable (BIER), a technical coalition of global beverage companies.

Learn more about Monster Beverage Corporation's sustainability progress in our Sustainability Report.

¹Excludes hours associated with mentorship programs.

²U.S. and Canada only.

Courtesy Monster Beverage

View additional multimedia and more ESG storytelling from Monster Energy on 3blmedia.com.

Contact Info:
Spokesperson: Monster Energy
Website: https://www.3blmedia.com/profiles/monster-energy
Email: info@3blmedia.com

SOURCE: Monster Energy

View the original press release on accesswire.com

FAQ

What sustainability commitments did Monster Beverage (MNST) make in 2023?

In 2023, Monster Beverage (MNST) committed to the Science Based Targets initiative (SBTi) to set emissions reduction targets aligned with a 1.5-degree pathway within two years. They also joined the Beverage Industry Environmental Roundtable (BIER) to enhance sustainability initiatives in the beverage sector.

How did Monster Beverage (MNST) improve its environmental data collection in 2023?

Monster Beverage (MNST) implemented the EcoBeast™ platform in 2023, rolling out a three-phase data collection process. This included engaging with bottlers, co-packers, and top suppliers to collect energy and water use data, as well as onboarding direct operations to support Scope 2 inventory data collection.

What were Monster Beverage's (MNST) key social initiatives in 2023?

In 2023, Monster Beverage (MNST) completed approximately 20,000 hours of training via Monster University, recruited 803 participants in their mentorship program, and invested in additional roles to support Diversity, Equity and Inclusion (DEI). They also supported 2,715 volunteer hours through their employee Volunteer Time Off program.

What was Monster Beverage's (MNST) energy drink sales growth in 2023?

Monster Beverage (MNST) achieved 9.6% growth in energy drink case sales (in 192-ounce case equivalents) in 2023.

How did Monster Beverage (MNST) improve its renewable energy efforts in 2023?

In 2023, Monster Beverage (MNST) installed operational solar panels at four company-owned buildings. Additionally, their anaerobic digestor at the AFF San Fernando facility was recognized as an outstanding renewable energy project by the nonprofit organization Energy Vision.