Typical coffee supply chains thus exclude the farmer from more profitable activities along the process, once the crop leaves the farm. As a result, smallholder farmers receive a disproportionately small cut of the wealth from their product—compared to the middlemen who generally play a far less labour intensive role. There are significant barriers to entry for smallholder coffee farmers who want to move up the supply chain. Coffee farmers are generally extremely low-income. Enveritas estimates that of the 12.5 million smallholder coffee farmers at least 5.5 million live below the international poverty line, earning less than $3.20 a day. Low income prevents farmers from investing in the equipment, land, and other resources required to scale up production. Many smallholder farmers located in remote areas may have little access to banks and other traditional forms of financial inclusion, forcing them to seek out loans from third-party or private lenders. These lenders may be unethical or predatory and charge extortionately high rates that can exceed 20% per year. Taking a loan from a lender can thus send smallholder farmers spiraling into an inescapable debt, which can result in losing the little they do have. Actors across entire coffee supply chains are subject to geopolitical instabilities, a volatile market, and ecological impacts that reduce income stability. A lack of institutional support and regulation in the informal economy compounds these challenges. ETHICAL COFFEE IN THE AGE OF ESG Over the last decade, the rise of conscious consumerism has impacted nearly every industry. Conscious consumerism can be defined as a consumer’s approach to engaging in the economy with greater awareness of how their consumption impacts the world at large—with regard to both social and environmental impacts. This awareness, coupled with increased visibility afforded by the internet, overwhelmingly affects the purchasing choices of Millennials and Generation Z (sometimes referred to jointly as ‘Generation Green’). 4