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Boston, April 27, 2022 – Mattel, one of the world’s largest toy companies, announced Wednesday that it plans to reduce the amount of plastic packaging with its products. The company, which makes a wide array of popular toys from Barbie dolls to Hot Wheels cars, announced a new goal to reduce plastic packaging by 25% per product by 2030, after reaching an agreement last year with Green Century for the environmentally responsible fund to withdraw a shareholder proposal.
Mattel has already increased its disclosure about packaging materials as part of this agreement, reporting on how much recycled content it uses in its 2020 Citizenship Report. With this new goal, Mattel is aligning itself with some of its competitors in the toy industry, such as Hasbro, which has pledged to eliminate plastic in all new product packaging by the end of this year.
Plastic pollution in the ocean is projected to increase significantly in the coming decades, with some estimates predicting a rise to 29 million tons annually by 2040. The UN Environment Programme has classified the toy industry as the most plastic-intensive in the world, making it all the more important that toy companies assess their plastic use and related risks.
Leslie Samuelrich, president of Green Century Capital Management, released the following statement:
“You don’t even realize how much plastic comes with a toy until you see the mess left behind at a child’s birthday party or during the holiday season. Kudos to Mattel for addressing its role in the toy industry’s plastic packaging problem. Mattel’s new goal is particularly important because it addresses the company’s total plastic use, not just reducing new plastic in favor of recycled material.
“This is a step forward in having children enjoy their favorite toys without parents dealing with unnecessary plastic packaging. Making outright cuts to plastic use is critical for addressing plastic pollution’s impacts on wildlife and the climate, and we encourage more companies to follow in Mattel’s footsteps.”
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 March 31, 2022, Hasbro, Inc. comprised 0.00%, 0.05%, and 0.00% and Mattel, Inc. comprised 0.00%, 0.04%, 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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