STATEMENT: CarMax* Commits to Driving Down Emissions
Press Release Contact: Andrea Ranger, Green Century Capital Management, email@example.com, (617) 482-0800
Boston, 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.”
Lila Holzman, As You Sow’s Senior Energy Program Manager, 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.”
About Green Century Capital Management
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. Green Century Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of December 31, 2020, CarMax Inc. comprised 0.00%, 0.09 %, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Green Century Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
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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.