Green Century Calls on Chevron* Not to Drill in the Arctic Refuge
Media Contact: Thomas Peterson, firstname.lastname@example.org, 781-349-2615; Josh Chetwynd, email@example.com, 303-573-5558
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.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email firstname.lastname@example.org, or call 1-800-934-7336. Please read the Prospectus carefully before investing.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.
The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 3/22