Green Century Commends Vertex* for Exceeding First GHG Reduction Goals, Following Engagement
Press Release Contact: Kyle W. Kempf, Green Century Capital Management, kkempf@greencentury.com, (617) 482-0800
Boston, June 23, 2020 – Green Century commends Vertex Pharmaceuticals, Inc.* (Vertex), for meeting and exceeding its company-wide goal to reduce operational greenhouse gas (GHG) emissions by the end of 2019.
“I am pleased that Vertex moved quickly out of the clinical trial phase for disclosure and reduction, met its goal, and already is addressing the cause of climate change: an excess of greenhouse gas emissions,” said Green Century President Leslie Samuelrich. “The climate crisis is an emergency, and we are pleased that Vertex is treating it that way and reducing climate risk for its investors.”
In 2019, Vertex achieved a 39% absolute reduction in emissions, exceeding its goal of reducing its carbon footprint (compared to 2014) by 35% by 2020. It also began publicly disclosing its CO2 emissions data and goals on its website, in its most recent Corporate Responsibility Report, and in its CDP Climate Change report.
Having reached this reduction objective, Vertex aims to cut both direct and indirect GHG emissions a further 20% (compared to 2018) by 2023.
In 2019, Green Century withdrew a shareholder proposal with Vertex, after it committed to setting its first company-wide goal to reduce greenhouse gas emissions by the end of 2019. Prior to our engagement, Vertex did not have a public policy to reduce the climate impact of its operations or publicly report on climate risk management strategies.
According to a 2018 report by the United Nations Intergovernmental Panel on Climate Change, the world must reduce greenhouse gas emissions 45% by 2030 and reach net zero emissions by 2050 in order to limit average global temperature rise to 1.5°C and avoid the most catastrophic impacts of climate change.
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About Green Century Capital Management
Green Century Capital Management is the investment advisor to the Green Century 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 March 31, 2020, Vertex Pharmaceuticals, Inc. comprised 0.00%, 0.58%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund, respectively. 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. 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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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. 6/20
