Boston, March 6, 2024 – Hasbro, one of the largest toy companies in the world, has agreed to full disclosure of its plastic packaging use in 2024 after reaching an agreement with Green Century, an environmentally responsible mutual fund.
The toy industry is by far the most plastic intensive consumer goods industry in the world. Revealing plastic use, or disclosure, is a critical first step in reducing plastic pollution, which has nearly quadrupled in the past 20 years, and reducing material risks.
“With this commitment, Hasbro provides the transparency that investors want and need” said Leslie Samuelrich, President of Green Century. “Once Hasbro compiles its data, we encourage the company to use it to make stronger commitments to reduce its non-essential single-use plastic.”
Transparency is a first step towards sustainability
Plastic waste has passed the crisis stage. Plastic production has grown explosively in the past 60 years, with estimates predicting we will produce nearly 1480 million tons of plastic by 2050.
Of this, only 9% is likely to be recycled. In fact, plastic is more likely to be burned than recycled, with disastrous consequences for children living near incineration facilities. All other plastic results in waste that doesn’t degrade but breaks down into smaller pieces called microplastics which pollute our oceans, soil, atmosphere and even our bloodstream.
Green Century has been engaging companies about their plastic use and waste for three years and has secured more than a dozen agreements with companies including Disney, Costco, and Mattel.
“Ultimately, disclosure is about accountability and empowering consumers, managers and investors to make better decisions,” said Douglass Guernsey, shareholder advocate with Green Century. “By improving transparency of its plastic use, Hasbro is positioning itself to be a more sustainable company.”