CarMax Commits to Driving Down Emissions

FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609

BOSTON, MA—MARCH 18, 2021—Today, CarMax Inc. (CarMax) announced a new goal to achieve net-zero carbon greenhouse gas emissions by 2050 — the same as the Paris Agreement. This follows on the heels of a Green Century shareholder resolution that was supported by co-filer As You Sow, representing Amalgamated Bank. 

CarMax also set an impressive short-term goal: it will cut its Scope 1 and 2 emissions by 50% by 2025.

Green Century Shareholder Advocate Andrea Ranger issued the following statement:

“When we started the engagement with CarMax, it had no public greenhouse gas reduction goals at all. With this announcement, the company is really going from 0 to 60 by adopting an ambitious net-zero emissions target by 2050.

It’s also exciting that CarMax is positioning itself for the plug-in hybrid and electric vehicle market. As the country’s largest used car retailer, we believe it can usher in a new era of clean vehicles.”

Ivan Frishberg, Director of Impact Policy at Amalgamated Bank noted:

“During the last four years of Amalgamated Bank’s engagement with the team at CarMax we have seen an impressive transition toward a low carbon economy that is critical for investors and stakeholders alike.  Today’s announcement from CarMax sets an inspiring example to others in the industry.”

As You Sow’s Senior Energy Program Manager, Lila Holzman, added:

“We applaud CarMax’s new commitment to make a meaningful dent on its carbon footprint by setting both near- and long-term targets. To avoid the worst impacts of climate change, companies like CarMax face many challenges and early planning is absolutely critical.”

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