Boston, March 4, 2022 – Green Century° has filed a shareholder proposal with Chevron, calling on the oil and gas company to commit to not pursuing petroleum exploration and development in the Arctic National Wildlife Refuge.
“Drilling in the Arctic Refuge would impact fragile ecosystems, threaten a sacred place for Indigenous people, and exacerbate climate-related risks,” said Thomas Peterson, shareholder advocate with Green Century. “Furthermore, potential financing for such projects is vanishing as many major American banks now refuse to finance oil and gas exploration in the Arctic Refuge. Major insurance companies like AIG* are also ruling out investing in or providing insurance cover for Arctic energy exploration. Chevron should similarly steer clear of any future projects in the refuge.”
Chevron, which has recently come under scrutiny for failing to follow through on its climate pledges, declared its support for drilling in the Arctic Refuge at its 2020 annual shareholder meeting. The company has demonstrated long-standing interest in the region, having partnered with BP* to complete the only test well ever drilled in the Arctic Refuge.
Green Century filed a similar shareholder proposal last year, calling on the company to renounce drilling in the Arctic. Chevron refused. Instead, the company attempted to block its shareholders from considering the proposal. It petitioned the Securities and Exchange Commission to allow exclusion of Green Century’s proposal from its proxy statement.
Though Chevron did not bid at the initial Arctic Refuge lease sale last January, the Journal of Petroleum Technology noted in October 2021 that Chevron does not appear to be “leaving the scene anytime soon,” in reference to Alaska’s North Slope. Green Century is therefore once again calling on the company to make a commitment not to pursue drilling in the Arctic Refuge.
The Bureau of Land Management calculated that burning all the oil in the Arctic Refuge would release more than 4.3 gigatons of CO2e. That’s the equivalent of 94% of all U.S. emissions from energy consumption in 2020. The Arctic National Wildlife Refuge is the calving ground of the Porcupine caribou herd as well as more than 200 bird species, 42 species of fish, and 45 mammals, including four threatened species that are protected under the Endangered Species Act. It is unsurprising then that the prospect of drilling in the Arctic Refuge is wildly unpopular – more than two-thirds of Americans oppose oil and gas development in this special place.
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, 2021, no securities mentioned were 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. 3/22