Climate Week: Companies Launch ‘Net-Zero’ Goals, Answering Investor Concern
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
BERKELEY, CA—Sept. 30, 2019—In the run up and during Climate Week, more than 80 companies moved to address systemic climate risk by setting targets in line with the Paris goal of limiting global warming to 1.5 degrees Celsius.
Utilities including Duke Energy, NRG Energy, and DTE Energy were among those to join the net-zero by 2050 chorus after years of engagement with shareholder group As You Sow as well as recent pressure from the Climate Majority Project and Climate Action 100+, two initiatives in which As You Sow also participates. Following an earlier commitment to set climate goals in response to a 2019 shareholder proposal from investor groups Green Century, As You Sow, and Amalgamated Bank, Amazon this year committed to reaching net-zero carbon emissions by 2040, “10 years early” as compared to the Paris Agreement’s goal.
Danielle Fugere, president of As You Sow, made the following statement:
“The heightened attention to Climate Week this year was palpable. Stakeholders — from investors to government leaders to youth protesters — have called companies to action to address the catastrophic risks that climate change poses to all facets of the global economy.
“While many companies are showing leadership in setting net-zero targets, other companies, including most U.S. oil and gas companies and U.S. banks, have yet to meaningfully respond to investor requests for alignment with the Paris Agreement. Investors will continue to press these companies to match the level of ambition we know we need and we know is feasible.
Lila Holzman, energy program manager of As You Sow, made the following statement:
“Investors are increasingly differentiating between companies that are proactively addressing material climate risks by setting targets that align with the Paris Agreement, and those that have their heads in the sand. Importantly, targets must be accompanied by transparent plans as to how these goals will be achieved. Investors continue to seek this transparency.”
Ivan Frishberg, director of impact policy of Amalgamated Bank, made the following statement:
“We are excited to see companies like Amazon begin to take responsibility for their carbon impact. Amazon has faced significant pressure to act on the climate crisis, demonstrating the need for the company to respond productively to employee and stakeholder groups that are raising such pressing issues.”
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As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. See our resolutions here. To learn more about As You Sow’s work on climate change, click here.
Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.