Strong Shareholder Support for Atmos Methane Management Resolution
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
Plano, Texas—Feb. 7—A shareholder resolution filed at Atmos Energy Corporation by corporate responsibility group As You Sow received strong support from close to 35% of Atmos’ shareholders. The resolution asks Atmos to monitor and minimize its methane emissions.
Methane has a significant climate change impact; its greenhouse gas warming potential is approximately 86 times that of carbon over 20 years. Research indicates that methane leaks of just 3.2% in the natural gas supply chain could make gas a worse climate forcer than coal. The 34% vote follows similarly high votes on recent methane resolutions at Chevron, Range Resources, and Kinder Morgan.
This is the first year a methane resolution has been brought before Atmos shareholders. In response, the company recently published two versions of a methane report, each showing that while Atmos is taking initial steps toward improved disclosures, it has much room for improvement to fully address the company’s significant climate risks.
“This strong 34% vote shows shareholders are increasingly concerned that climate impacts from methane emissions pose significant risk to the company,” Lila Holzman, energy program manager at As You Sow, said. “We look forward to working with Atmos to address our concerns and ensure the company shifts toward a sustainable path, reducing its emissions in line with the urgent need to limit global warming to well below 2 degrees.”
Gas distribution companies like Atmos acknowledge the safety risks of leaking methane, but the equally harmful climate impacts from methane have been insufficiently addressed by the company. While natural gas has been promoted as a bridge fuel to help shift the energy market to cleaner sources, uncontrolled methane emissions risk jeopardizes any role gas can play in a low-carbon energy economy. Companies like Atmos must recognize risks and make progress on opportunities to implement best practices and advanced technologies to align themselves with the clean energy transition underway. Shareholders’ strong support for this resolution underscores that Atmos must take quick and effective action to limit its emissions.
Click here to read As You Sow’s report, The End of the Line, on distribution methane emissions. Click here to learn more about As You Sow’s work on climate change. Click here to view As You Sow’s shareholder resolutions tracker.
# # #
As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.