Media Contacts: Josh Chetwynd, firstname.lastname@example.org, 303-573-5558; Andrea Ranger, email@example.com, 781-349-2813
Boston, March 15, 2022 – Green Century°, Trillium Asset Management and Zevin Asset Management have filed a shareholder proposal with United Parcel Service, Inc. (UPS) to push the high-profile delivery company to cut its carbon footprint.
Concerned by the increase in “delivered emissions”, the group previously met with UPS to learn how it was planning to cut the sizable emissions from its air, tractor trailer, and package truck fleets. Although UPS had announced a goal to be carbon neutral by 2050 and had set interim deadlines toward meeting its goal, the details of its ambitions lacked the transparency and rigor that investors have come to expect. For this reason, all three investment managers collaborated on filing a shareholder proposal with UPS calling on the company to set science-based targets with the Science Based Targets initiative, which is the gold standard process for target-setting.
“The time for greenhouse gas emissions reductions is now, and the time for setting clear, measurable, verified emissions reduction targets was yesterday,” said Green Century Shareholder Advocate, Andrea Ranger. “We’re asking UPS, and frankly all of the portfolio companies we engage, to adopt science-based targets. It’s the best way to make sure emissions reductions align with what the science tells us we need to do.”
This proposal comes as the COVID pandemic has led to a big growth in online shopping and door-step deliveries. When a delivery company has planes fly packages from coast-to-coast or its vehicles transport them from either one major hub to another or the last mile to homes or businesses, then it is creating greenhouse gas emissions that drive climate change.
“Investors are very concerned that the longer that UPS waits to transition to a low-carbon future, the harder and costlier it will be,” said Zevin Asset Management Director of Sustainable Investing Marcela Pinilla. “Peers such as DHL*, FedEx*, KLM* and JetBlue* have concrete investment plans to reduce their carbon footprints. UPS should too.”
The Green Century, Zevin Asset Management, and Trillium Asset Management proposal, called “Adoption of Independently Verified Science-Based Greenhouse Gas Emissions Reduction Targets” will appear as Item Number 7 on the UPS proxy statement for its 2022 annual general meeting.
“With the explosion in online shopping during the pandemic, it’s even more crucial that UPS does its part to avoid catastrophic global consequences,” said Kate Monahan, Director of Shareholder Advocacy at Trillium Asset Management.
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, the United Parcel Service, Inc. comprised 0.69%, 0.72%, and 0.00%, Deutsche Post AG (DHL) comprised 0.00%, 0.00%, and 1.25%, Federal Express Corporation comprised 0.00%, 0.00%, and 0.00%, Air France–KLM S.A. comprised 0.00%, 0.00%, and 0.00% and JetBlue Airways Corporation comprised 0.00%, 0.00%, 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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The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 3/22