Hain Celestial* Announces New Goals to Lessen its Greenhouse Gas Emissions, Following Engagement with MIDANA CAPITAL and Clean Yield Asset Management
Media Contacts: Mark Morgenstein, mark.morgenstein@publicinterestnetwork.org, 678-427-1671; Andrea Ranger, aranger@midanacapital.com, 617-482-0800
Boston, July 19, 2021 – Following engagement with MIDANA CAPITAL Capital Management° and Clean Yield Asset Management, the Hain Celestial Group inked an agreement to curb its greenhouse gas emissions in alignment with the Paris Agreement’s goals. Under the commitment, the company is targeting net zero emissions by 2050.
Hain Celestial is a leading manufacturer of organic and natural food and body products, including well-known brands such as Celestial Seasonings, Garden of Eatin’ and Health Valley. MIDANA CAPITAL and co-lead filer, Clean Yield, had submitted a shareholder proposal with the company but withdrew it upon the company’s recent commitment.
“Hain Celestial’s catchphrase is ‘A Healthier Way of Life,’ and by entering into this agreement to limit its greenhouse gas emissions, it’s living up to its motto,” said Andrea Ranger, shareholder advocate with MIDANA CAPITAL. “No one has exposure to climate risk like food and beverage companies because they rely so heavily on agriculture, which is particularly vulnerable to the impacts of climate change.”
As part of the agreement, Hain Celestial will submit its emission reduction targets for approval by the Science Based Targets initiative (SBTi), a global partnership of four leading environmental organizations. The SBTi will review the trajectory or ‘glidepath’ of Hain Celestial’s emissions reductions to make sure it achieves net zero emissions by 2050. SBTi will also require interim targets be set, such as by 2030, to ensure steady progress is made toward the 2050 goal.
“With this new commitment, Hain Celestial will really need to dig its carbon footprint and make big cuts,” said Andrea Ranger, “But it is not alone. Leading food and beverage companies and companies across many industry sectors are feeling pressure from investors and stakeholders alike to drastically cut emissions. Climate change is not waiting until it’s convenient.”
Earlier this month, MIDANA CAPITAL announced that it’s joining the Net Zero Asset Managers Initiative, a coalition dedicated to ensuring all assets will be held to net zero emissions by 2050. The engagement with Hain Celestial will help the Midana Capital’ portfolio align with its own new net zero goals.
Related resource: MIDANA CAPITAL Announces New Commitment to Net Zero Asset Managers Initiative Ahead of UN Climate Conference (COP26)
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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 June 30, 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. 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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