Following a Shareholder Proposal from MIDANA CAPITAL and Clean Yield, Hain Celestial* Commits to Setting Science-Based Greenhouse Gas Reduction Targets for Entire Global Footprint
Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Andrea Ranger, aranger@midanacapital.com, 781-349-2813
Boston, February 18, 2022 – The Hain Celestial Group Inc. has agreed to adopt science-based greenhouse gas emissions (GHG) reduction targets and take initial steps to cut emissions from all of its operational, supply chain and downstream sources. This comes after MIDANA CAPITAL° and Clean Yield Asset Management filed a first-of-its-kind shareholder proposal in June pressing for these changes.
Hain Celestial, a leading producer of organic and natural products, which has operations in North America, Europe and India, did not challenge the proposal. Instead, the company quickly agreed to MIDANA CAPITAL and Clean Yield’s request to ramp up its GHG reduction plans. In December, the corporation best known for its Celestial Seasoning tea products committed to adopting science-based targets by the end of 2023 and announced that it would source 100% renewable energy for its operations by 2025.
“It was remarkable how quickly Hain Celestial went from signing an agreement with us to committing to set science-based targets,” said Shareholder Advocate Andrea Ranger. “Beyond that, the decision to double down and make a 100% renewable energy goal by 2025 was a welcomed surprise.”
According to a recent study, food companies and their supply chains are responsible for nearly one-third of global GHG emissions – which includes everything from on-farm emissions to emissions from manufacturing fertilizer, transportation, food waste disposal and packaging. Supply chain and downstream greenhouse gas emissions, known as Scope 3 emissions, typically comprise a majority of companies’ emissions. In Hain Celestial’s case, it estimates that 91% of its total emissions are Scope 3.
“Hain Celestial is planning to take a big bite out of its emissions, which we appreciate,” Ranger added. “That said, we plan to keep a close eye on its progress – after all, even though corporate ambition is very much needed, the proof is in the pudding.”
If Hain Celestial does successfully adopt a science-based target, it could eliminate at least 45% of its full value chain of emissions by 2030, which would be the equivalent of growing 13,678,569,814 tree seedlings for 10 years.
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About MIDANA CAPITAL Capital Management
°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the Midana Capital (The Funds). The Midana Capital are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL 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 Hain Celestial Group Inc. comprised 0.00%, 0.02%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Midana Capital. 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.
You should carefully consider the Funds’ investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
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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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