Berkshire Hathaway Inc: Disclose Climate Transition Plan

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WHEREAS: Berkshire Hathaway Energy (BHE), a subsidiary of Berkshire Hathaway, adopted a position of “striving to achieve net zero  greenhouse gas emissions by 2050.”[1] BHE utilities currently rely heavily on fossil-based energy, with 52% of its owned generating capacity consisting of. [2] BHE now plans to significantly expand new gas-fired power generation and extend coal plant operations to meet growing data center energy.[3]

Rather than reduce high emission energy sourcing, BHE has simply removed reference to its midterm 2030 target.[4][5] This strategy not only fails to meet BHE’s climate-related goals; it raises serious concern about BHE’s ability to preserve shareholder value over time. 

Volatile fuel costs and declining competitiveness: New fossil-based power infrastructure investments expose BHE, its shareholders, and customers to volatile future fuel costs that fluctuate according to commodity prices, leading to unpredictable and generally higher generation costs across the life of power plants.[6] In contrast, wind and solar have low emissions, no fuel costs, lower operating costs, and, when paired with storage and grid efficiencies, can provide reliable electricity to meet data center demand. Clean energy also protects retail electricity consumers from subsidizing higher energy costs, which can lead to unfavorable political interventions.

Stranded asset risk: Studies indicate that the forecast for 2030 data center energy use is overstated by as much as 40%, while growing public opposition is creating further uncertainty around the scale and timing of planned projects.[7] By relying on projected large-load growth to justify long-lived gas infrastructure, BHE risks saddling customers with stranded assets if demand falls short.

Peer performance: Competitor Xcel Energy has cut carbon emissions 58% from 2005 levels and, despite growing data center demand, retains its carbon goals, including retiring or converting its remaining coal units by 2030.[8] Similarly, Google has designed and built numerous data centers using clean energy, energy storage, and increased efficiency.[9] These examples demonstrate that data centers’ need for reliable power does not necessitate new fossil plants which create stranded asset risk.

Berkshire’s plans to increase fossil capacity put long-term, diversified investors at risk of amplified systemic harm across their entire portfolios. Analysis finds that over 40% of global equity value is at risk without accelerated decarbonization due to climate-related intensification of weather events.[10]

Transparency about BHE’s growing climate risk will benefit investor decision making.

BE IT RESOLVED:  Shareholders request that Berkshire disclose, at reasonable cost and omitting proprietary information, if and how BHE plans to reduce use of high-carbon energy sources and capitalize on data center demand to accelerate, rather than impede, the clean energy transition.   

Resolution Details

Company:

Lead Filers: As You Sow

Year: 2027

Filing Date: November 2026

Initiative(s): Climate Change

Status: Filed

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Climate and EnergyAs You Sowrisk management, risk, disclosure, climate, greenhouse gas, emissions, climate transition plan, emissions reduction, Berkshire, Berkshire Hathaway