Afternoon Coffee: Target Releases New Climate Goals; Kyriba Selling Majority Stake to PE Firm

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Target released new climate goals on Wednesday this week, not only cutting down on its own emissions, but ensuring their suppliers do the same.

The retailer has committed to reducing its emissions by 30% by the year 2030. This target (no pun intended) was based on 2017 levels and has been approved by the Science-Based Target initiative.

The company also requires 80% of its suppliers to set science-based goals too in the next four years. This is the first time Target has measured emissions through their entire supply chain. The supply chain accounts for 96% of the retailer’s emissions.

Kyriba to Sell Majority Stake to PE Firm

Kyriba, a provider of corporate treasury and financial management software, announced that it’s selling a $160 million stake to London-based Bridgepoint, according to xconomy.com.

“The $160 million in fresh capital would fund additional development of its software—the company says it has specifically earmarked $60 million over the next two years for product innovation—plus broader global expansion,” according to the article quoting Kevin Bryla, Kyriba’s San Diego-based chief marketing officer.

Read the full details of the deal here.

India Using Blockchain to Improve Coffee Supply Chain

The Coffee Board of India has launched a new pilot blockchain marketplace to help improve the coffee supply chain in the country. The development will hopefully help to integrate the country’s 350,000 coffee growers with relevant markets.

The e-marketplace aims to cut down on the intermediaries between growers and buyers in the supply chain. The new initiative will come in the form of an app to improve transparency and traceability. It will initially launch as a pilot with a limited number of growers for the next five months or so, before expansion if success is seen.

Cannabis Company Building Huge Greenhouse

Cronos GrowCo is building a new 850,000 square foot greenhouse to keep up with marijuana demand since it was legalized in Canada in October 2018. The greenhouse is located in Ontario and will be able to produce around 70,000 kg of marijuana per year.

The company is a joint venture between Cronos and an investor group. The greenhouse is expected to be operational sometime in 2020.

ICYMI: MineralTree Raises $50 Million

Read Spend Matters’ full story here.

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