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Boston, February 24, 2022 – Green Century° withdrew a shareholder proposal with the ODP Corporation,* which operates Office Depot and OfficeMax retail stores, after the company agreed to set an absolute plastic reduction goal for packaging associated with its private label products and ecommerce shipping operations.
This commitment makes ODP the only known retailer currently working toward a goal focused on absolute plastic reduction. Its effort is a step further than other retailers, such as Target and Walmart, who have set goals to reduce the amount of virgin or new plastic used in packaging.
“ODP’s noteworthy commitment positions the company as a leader in the retail industry for mitigating plastic-related risks,” said Leslie Samuelrich, president of Green Century Capital Management. “As they set their goals to reduce plastics, they will be ‘taking care of business,’ as their slogan states, and we look forward to working with them as they do their part to reduce the unnecessary use of plastics.”
With this announcement, ODP will soon join ranks with companies like Unilever and Conagra who are working to eliminate portions of plastic from their packaging portfolios.
Plastic pollution, which has now been found from the peak of Mt. Everest to ice in Antarctica, is expected to grow from 11 million metric tons per year in 2016 to 29 million metric tons per year by 2040. According to a study from the Pew Charitable Trust, current commitments from government and industry will only stem plastic pollution by 7% by 2040. Corporations must reduce their demand for plastic by one-third by 2040 in order to avoid worsening the already dire plastic pollution crisis.
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 December 31, 2021, Conagra Brands, Inc. comprised 0.00%, 0.07%, and 0.00%; The ODP Corporation comprised 0.00%, 0.01%, and 0.00%; Target Corporation comprised 1.04%, 0.52%, and 0.00%; Unilever PLC comprised 0.00%, 0.00%, and 2.72%; Unilever PLC ADR comprised 0.69%, 0.00%, 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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The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 2/22