Campbell Sets Science-based Greenhouse Gas Reduction Targets to Combat Climate Change

Releases 2022 Corporate Responsibility Report

Campbell Soup Company (NYSE:CPB) today announced new science-based targets to reduce greenhouse gas emissions as part of its overall environmental, social and governance (ESG) strategy outlined in its 2022 Corporate Responsibility Report.

“Since our founding in 1869, Campbell has been committed to making a positive impact on the communities we call home and the planet we share,” said Mark Clouse, Campbell’s President and Chief Executive Officer. “We are taking a holistic approach to ESG and focusing on areas where we believe we can make a meaningful difference as we unlock our full growth potential and create value for all our stakeholders.”

Campbell is committed to building a more resilient food system and has long set greenhouse gas emissions reduction goals for its own operations, starting in 2010. Campbell’s new science-based targets commit to:

• Reduce absolute Scope 1 and 2 greenhouse gas emissions 42% by fiscal 2030 from a fiscal 2020 base year
• Reduce absolute Scope 3 emissions from purchased goods and services and upstream transportation and distribution 25% within the same time frame

“The food industry has an important role to play in reducing greenhouse gas emissions, and we are committed to doing our part,” said Stewart Lindsay, Campbell’s Vice President, Corporate Responsibility and Sustainability. “We believe addressing emissions within our own operations and across our value chain will benefit our business, our industry, and the communities in which we operate.”

The Science Based Targets initiative has approved Campbell’s emissions reduction targets as consistent with levels required to meet the goals of the Paris Agreement. The targets covering greenhouse gas emissions from Campbell’s operations (Scopes 1 and 2) are consistent with reductions required to keep warming to 1.5°C, which the latest climate science has indicated is needed to prevent the most damaging effects of climate change.

Campbell releases 2022 Corporate Responsibility Report: Delivering on our Purpose

The report highlights the company’s four ESG pillars—trusted food, vibrant communities, thriving people and healthy environment—and details Campbell’s measurable progress against ESG goals for its fiscal 2021 operations, including:

• Improved the sustainability of Campbell’s packaging, with Pepperidge Farm signature paper bags now fully recyclable; redesigned V8 multi-serve bottles to eliminate 2.5 million pounds of plastic per year
• Transitioned 100% of the company’s palm oil supply to Roundtable on Sustainable Palm Oil (RSPO) certified sources
• Created metrics to measure the nutritional performance, affordability and accessibility of the company’s product portfolio
• Launched a new 5-year, $5 million program, Full Futures: A School Nutrition Partnership, to advance school food and nutrition, starting in Campbell’s hometown of Camden, N.J.
• Reduced the company’s total reportable incident rate by 8% since fiscal 2020
• Achieved the company’s goal to increase spending with diverse suppliers by 25%, two years ahead of schedule
• Completed inclusion & diversity learning opportunities for 96% of the company’s managers

Campbell has long been recognized as a leader in transparency, sustainability and corporate responsibility. Earlier this year, the company was named one of the World’s Most Sustainable Corporations by Corporate Knights, one of America’s Most Trusted Companies by Newsweek, one of the 100 Most Sustainable Companies by Barron’s and one of America’s Most JUST Companies by JUST Capital and CNBC. In 2021, Campbell was named one of America’s Best Employers for Diversity by Forbes and a Champion of Board Diversity by the Forum of Executive Women. Campbell is also included on multiple indices including the FTSE4Good Index, the Bloomberg Gender-Equality Index and the MSCI Index Series.

The report was prepared in accordance with the Global Reporting Initiative (GRI) standards. To read the full 2022 Corporate Responsibility Report and learn more about Campbell’s ESG strategy, goals and progress, visit campbellsoupcompany.com/our-impact/.

About Campbell Soup Company

For more than 150 years, Campbell (NYSE: CPB) has been connecting people through food they love. Generations of consumers have trusted Campbell to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, Campbell generated fiscal 2021 net sales of nearly $8.5 billion. Our portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. Campbell has a heritage of giving back and acting as a good steward of the environment. The company is a member of the Standard & Poor's 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement in this press release, including those related to our climate and sustainability goals, are described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

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