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Starbucks launches initiative for 'greener' coffee cup

Starbucks Corp. is rolling out a project to develop a global solution that would make it easier for coffee cups to be composted or recycled.

The coffee chain teamed up with Closed Loop Partners and its Center for the Circular Economy to launch the NextGen Cup Challenge, which will provide accelerator grants to entrepreneurs working on more sustainable cup solutions. Starbucks said it is committing $10 million for the project.

The company and its partners will then decide on a solution that would be open source throughout development.