Green Century Management announced last week that Starbucks will only buy palm oil from suppliers with sustainable certification by 2015. The reason for the commitment is a shareholder resolution filed by Green Century Balanced Fund, an environmentally responsible mutual fund. Green Century filed the shareholder resolution due to concerns that some of Starbucks’ palm oil suppliers use practices that are bad for the rainforests from which palm oil is derived. Starbucks also agreed to become a member of Roundtable for Sustainable Palm Oil, plus continue to work with Green Century concerning its palm oil commitments.
“Shareholders needed Starbucks to address the business risks associated with sourcing conventional palm oil and it has delivered,” said Leslie Samuelrich, Senior Vice President, Green Century. “As the pace of global warming has accelerated, we are pleased Starbucks has decided to curb the increasingly apparent and threatening impact that global warming has on our lives and planet,” added Samuelrich.