STATEMENT: Coca-Cola* Announces Refillable Packaging Goal, Prompted by Proposal from Green Century and As You Sow
Media Contacts: Josh Chetwynd, email@example.com, 303-573-5558; Annalisa Tarizzo, firstname.lastname@example.org, 781-349-2789
Boston, February 15, 2022 – The Coca-Cola Company announced a new goal on Thursday to have at least 25% of all beverages sold globally to be distributed in refillable or returnable bottles or in refillable containers through the company’s fountain business by 2030. It is the first known goal of its kind. Currently, reusable packaging accounts for 16% of the company’s beverage portfolio.
The announcement comes after Green Century Capital Management° and As You Sow co-led the filing of a proposal urging the company to reduce its reliance on single-use plastic and increase its use of refillable and reusable packaging. The filers will assess in the coming days whether Thursday’s announcement warrants withdrawal of the shareholder proposal.
Reusable packaging is a critical solution to reducing plastic pollution, for which single-use items are a leading driver. This packaging is also associated with greenhouse gas emission reduction benefits, as Coca-Cola claims that reusable containers are among the best packaging options for the company to reduce its climate impact.
Annalisa Tarizzo, shareholder advocate with Green Century, released the following statement:
“With the plastic waste crisis escalating year over year, Coca-Cola’s new goal is a welcome change in strategy for the world’s biggest corporate plastic polluter. Refillables are the future, and Coca-Cola’s leadership is essential in making this important change.
“The company acknowledged on this morning’s earnings call that reusable packaging is critical for moving the world toward a circular economy and preventing waste. We congratulate the company on this new goal and hope that this commitment will result in a tangible reduction in Coca-Cola’s contribution to plastic pollution.
“In the short term, we look forward to discussing the details with company representatives over the coming days.”
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, The Coca-Cola Company comprised 0.00%, 1.12%, 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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