Keurig Dr. Pepper steps up efforts to address single-use plastics in response to Green Century proposal
Media Contacts: Annie Sanders, Director of Shareholder Advocacy, firstname.lastname@example.org, 773-272-6691; Pam Podger, Communications Director, email@example.com, 860-822-3887
Boston, April 18, 2023 – Keurig Dr. Pepper*, a leading global beverage company with brands from Snapple to 7Up, will boost efforts to cut single-use plastic by expanding its “reuse and refill” options across the country. In exchange for its heightened focus on plastic reduction, Green Century Funds° withdrew its shareholder proposal for the company’s 2023 annual meeting calling for a reduction in total plastic packaging.
“The amount of plastic flowing into our oceans is on pace to nearly triple by 2040,” said Green Century Funds President Leslie Samuelrich. “Plastic pollution demands urgent attention from companies and governments around the world. We applaud Keurig Dr. Pepper for stepping up its efforts to address the plastic crisis.”
Keurig Dr. Pepper’s planned actions include expanding its 2022 Corporate Responsibility Report to include more details on refillable and reusable container pilots. Starting in 2023, the company pledged to publish an annual “reuse and refill baseline assessment” in its CSR report. By 2024, the company plans to launch new reuse and refill pilots in key U.S. markets where the local infrastructure and culture are conducive to their success.
“Only 9 percent of all plastic made in the last 60 years has been recycled,” said Annie Sanders, Green Century Capital Management’s director of shareholder advocacy. “We can’t recycle our way out of the plastic problem. We look forward to seeing Keurig Dr. Pepper help build a circular economy by providing more reuse options – from soda cups to K-Cup Pods – in communities across the U.S.”
Replacing Single-Use Plastics Effectively
Reuse and refill models are one of the most effective ways to replace single-use plastics. They’re also on the rise, with 2022 bringing major commitments from beverage giants Coca-Cola and PepsiCo to provide 25% and 20% of their drinks, respectively, in reusable containers by 2030. These policies are likely influenced by, among other factors, changing consumer attitudes on plastics: a December 2022 survey found that over 80% of registered U.S. voters support requiring companies to increase reusable packaging and foodware.
“Companies such as Keurig Dr. Pepper are beginning to realize that an investment in reusable and refillable containers can mitigate the financial, regulatory, and reputational risks posed by single-use plastics,” added Sanders. “They’re also seeing consumers act, in growing numbers, on the common-sense conviction that nothing we use for five minutes should pollute our planet for hundreds of years.”
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About The Green Century Funds
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are one of the first families of fossil fuel free 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 December 31st, 2022, Keurig Dr. Pepper comprised 0.00%, 0.16%, and 0.00%; Coca-Cola comprised 0.00%, 1.54%, and 0.00%; and PepsiCo, Inc. comprised 0.00%, 1.48%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund. 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.
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