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“We know this journey will be challenging, we know we can’t do this alone, and we know this will require others to join us,” Chief Executive Officer Kevin Johnson said in an interview.

Starbucks shares fell as much as 1.1 per cent to US$92.62 on Tuesday in New York trading. The stock has advanced about 6 per cent so far in 2020, double the advance of the S&P 500 Index.

The company, which has more than 31,000 outlets in more than 80 markets, joins a parade of companies announcing green initiatives as the World Economic Forum in Davos gets underway with a redoubled focus on climate change. This year’s gathering in the Swiss ski resort features Swedish activist Greta Thunberg, while Chief Executive Officer Larry Fink of BlackRock Inc. set the tone by warning that the asset manager will address the issue in its investments.

We know this journey will be challenging, we know we can’t do this alone, and we know this will require others to join us CEO Kevin Johnson

The coffee chain’s moves follow investor pressure, with a resolution calling on the company to step up the use of sustainable packaging receiving support from almost half of shareholders at its annual general meeting last year.

“While Starbucks has a long road ahead to achieve these goals, we’re encouraged that its priorities are rooted in transparent data and will be supplemented by first-of-its-kind market research,” said Allan Pearce, shareholder advocate at Trillium Asset Management.