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By 2030, Nestlé wants to invest 1.25 billion euros in projects to tackle the risks of child labour and increase the income of cocoa farmers.
Premium
Through the plan, the Swiss food giant would triple its current efforts in terms of cocoa sustainability. At the core of the plan is an income acceleration programme, under which cocoa farming families can receive a premium of up to 500 Swiss francs (480 euros) for the first two years for specific initiatives, such as enrolling their children in school or implementing good agricultural practices. After two years, that amount will halve.
The company believes the project will support the transition to more sustainable cocoa farming by encouraging behaviour and agricultural practices to build social and economic resilience over time. Indeed, farmers will not only be rewarded for the quantity and quality of their cocoa beans but also for their efforts to protect the environment, climate and local communities.
Continuation
“Our goal is to have an additional tangible, positive impact on a growing number of cocoa-farming families, especially in areas where poverty is widespread, and resources are scarce, and to help close the living income gap they face over time”, says CEO Mark Schneider.
Nestlé’s investment plan is a continuation of a pilot project launched in 2020 involving about 1,000 farmers in Côte d’Ivoire. Nestlé will extend it to 10,000 cocoa farmers in the country this year, and the aim is to introduce it in the neighbouring country of Ghana in 2024. If the outcomes are positive, Nestlé aims to reach all 160,000 cocoa farming families in its global supply chain through the programme by 2030.
