CVS Health* Announces Virgin Plastic Reduction Goal, Prompting Withdrawal of Green Century Proposal
Media Contacts: Annalisa Tarizzo, atarizzo@greencentury.com, 781-349-2789
Boston, April 21, 2022 – As a result of a Green Century° shareholder proposal, CVS Health has announced a new goal to reduce virgin plastic in its store-brand packaging by 50% by 2030. CVS is the largest pharmacy chain in the United States and ranks fourth on the Fortune 500.
“We applaud CVS for taking its plastic-related risks seriously and are encouraged that one the largest companies in the country will reduce its plastic use,” said Leslie Samuelrich, president of Green Century Capital Management. “Corporate goal-setting to stem production of new plastics is crucial for protecting wildlife in our oceans, reducing waste in our landfills and safeguarding human health.”
In addition to the virgin plastic reduction goal, the company announced plans to eliminate problematic and unnecessary plastics from its store brand packaging by 2030. CVS has also agreed to disclose plastic footprint metrics for most of its store-brand packaging.
Plastic Reduction Mitigates Competitive, Environmental and Human Health Risks
This announcement makes CVS a leader on its plastic packaging efforts, surpassing such retailers as Walgreens,* which has a goal to reduce plastics in its U.S.-owned brand packaging by 30% by 2030, and Target,* which plans to reduce virgin plastic use in its owned brand products by 20% by 2025.
Plastic pollution is anticipated to grow from 11 million metric tons annually to 29 million by 2040, which will have adverse impacts on wildlife and ocean health. Plastic also poses risks to human health. In fact, recently released studies found microplastics in both human lungs and bloodstreams. In order to keep the plastic pollution crisis under control, companies must reduce their plastic demand by one third by 2040.
###
About Green Century Capital Management
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. Green Century Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of March 31, 2022, CVS Health Corporation comprised 0.76%, 0.00%, and 0.00% and Target Corporation comprised 1.00%, 0.50%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Green Century Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.greencentury.com, email info@greencentury.com, or call 1-800-934-7336. Please read the Prospectus carefully before investing.
A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.
This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.
The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 4/22
