Kraft Heinz Sets Global Policy to Eliminate Deforestation in Response to Green Century Shareholder Proposal
Media Contacts:
Annie Sanders, Director of Shareholder Advocacy, asanders@greencentury.com, 773-272-6691
Pam Podger, Director of Communications, ppodger@greencentury.com, 802-299-9495
Boston, June 28, 2023 – Kraft Heinz,* one of the largest food and beverage companies in the world, announced a first-ever Global Deforestation- and Conversion-Free Policy in response to a Green Century Funds° shareholder proposal asking the company to eliminate deforestation across its supply chains by 2025. In exchange, Green Century withdrew its proposal slated for the company’s 2023 annual meeting.
“To achieve a climate-neutral world by mid-century, companies must drastically cut their contribution to deforestation, which accounts for 12% of global climate emissions,” said Green Century Funds President Leslie Samuelrich. “We commend Kraft Heinz for acting to protect tropical forests, biodiversity and our climate.”
Kraft Heinz’s new no-deforestation policy helps protect tropical forests
Kraft Heinz’s new stance on deforestation is an expansion of its 2018 Global Palm Oil policy that established a commitment to sustainable palm oil. Notably, the new policy sets a 2025 deadline for eliminating deforestation from key commodities in Kraft Heinz’s global supply chains, aligning with recent scientific consensus. The policy covers commodities including beef and soy that are linked to deforestation in tropical regions such as the Brazilian Amazon, which is home to ten percent of all known species and among the last refuges for endangered species from jaguars and pink river dolphins.
The agriculture industry is the world’s largest contributor to deforestation, causing 75 percent of the world’s tropical deforestation, and the beef industry alone is responsible for 41 percent. Some studies show it will be nearly impossible to limit global warming to 1.5 degrees without ending deforestation in this decade.
“Beef, soy, palm oil and wood products drive the majority of global deforestation, many of which are key ingredients in the Kraft Heinz products’ we know and love – from Oscar Meyer meats to Kraft Mac n’ Cheese,” said Annie Sanders, Green Century’s Director of Shareholder Advocacy. “We applaud the company’s commitment to eliminate deforestation from its supply chains, thereby helping to protect forests and biodiversity around the world.”
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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 March 31st, 2023, Kraft Heinz comprised 0.00%, 0.15%, 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.
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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.
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