Monster Beverage Corporation 2023 Sustainability Report: Progress And Highlights

(MENAFN- 3BL) Monster Beverage Corporation 2023 Sustainability Report

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 TM 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.

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