Corning* Sets Ambitious Target to Reduce Greenhouse Gas Emissions; Embraces Development of Climate Transition Plan
Contact Information:
Andrea Ranger, Shareholder Advocate, aranger@greencentury.com, 781-349-2813
Pam Podger, Communications Director, ppodger@greencentury.com, 802-299-9495
Boston, November 21, 2023 – In 2020, Green Century° noticed that Corning Inc. did not have A greenhouse gas emissions (GHGs) reduction target that were ambitious enough to meet the goals of the Paris Agreement, a commitment signed in 2015 by 195 countries aimed at preventing the worst impacts of climate change.
Green Century then filed a shareholder proposal asking Corning to address its climate risk by adopting emissions reduction targets. The company met with Green Century several times and made a commitment to set a science-based target by 2023, which it has now fulfilled.
Established in 1851 as Corning Glass, the company’s products are linked to American history. For example, Corning produced the very first electric light bulbs for Thomas Edison in the 1880s, and in 1915 sold its first line of glass products that could be used for baking and storage under the brand name, Pyrex. More recently, Corning has delivered millions of miles of fiber optic cables to support widespread broadband access. Corning also developed a durable glass, known as Gorilla Glass, for Apple’s first iPhones, a product that is currently used in more than 8 billion devices worldwide, including smart phones, tablets, and laptops.
Corning Commits to Developing Climate Transition Plan
In 2023, Green Century followed up with Corning and asked the company to develop and publish a climate transition plan. Now considered a best practice, the plans serve as roadmaps that contain investor-useful information by explaining how and when companies will meet their climate goals.
Corning agreed to begin to develop a climate transition plan starting with its next sustainability report in 2024. The company will roll out more details in later years.
“We’re excited to see Corning continue its leadership role when it comes to climate,” said Green Century Funds President Leslie Samuelrich. “We look forward to increased visibility into its strategies, tactics, and overall game plan.”
In early 2023, the General Secretary of the United Nations, Antonio Guterres, urged business leaders at the World Economic Forum, to “put forward credible and transparent transition plans on how to achieve net-zero – and submit those plans before the end of this year.” More than 4,100 organizations have disclosed to CDP (a reporting platform formerly known as the Carbon Disclosure Project) that they have prepared climate transition plans; however, CDP reports that only 45% were public, and only 12.6% covered what are considered key elements of a credible transition plan.
“Now that more and more companies have committed to significantly cut their emissions, investors and stakeholders want assurance that goals and targets aren’t just greenwashing,” said Green Century Shareholder Advocate Andrea Ranger. “We’re eager to see Corning develop a credible climate transition plan provides milestones, indicators for success, mechanisms for board and executive oversight, and enough details to instill investor confidence.”
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About Green Century Funds
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are one of the first families of fossil fuel-free, environmentally responsible mutual funds. Green Century 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 September 30, 2023, Corning, Inc. comprised 0.00%, 0.13%, and 0.00% of 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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The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 11/2023
