Boston, April 19, 2024 – AGCO Corporation committed to developing its first climate roadmap, also known as a climate transition plan, after Green Century filed a shareholder proposal with the company in late 2023. Companies across industries are increasingly adopting climate transition plans to show how they will reduce their contributions to climate change by adopting new business strategies and making climate-friendly products.
“It’s important that companies set goals to reduce their carbon pollution, but target-setting with robust planning, which is what climate transition plans are, is even more effective,” commented Green Century President Leslie Samuelrich. “Done well, these plans have milestones and timelines, which demonstrate that businesses’ genuine commitment, needed resources, and thoughtful planning is in place.”
In its most recent sustainability report, AGCO remarked on the urgency of climate change and set credible goals to drastically reduce its greenhouse gas emissions. Additionally, AGCO noted its first climate transition plan would set out “key levers to reduce our climate impact.”
AGCO designs and manufactures agricultural equipment including tractors, combines, sprayers, and other farm equipment and is based in Duluth, GA. Its products are sold in 140 countries, and recently, the company has been designing and testing tractors that run off renewable fuels such as vegetable oil, green hydrogen, and biomass. It is also now sells an electric tractor. tractor.
AGCO announces new sustainability goals
AGCO also announced a new goal for cutting greenhouse gas emissions from its operations by 55% by 2033, and it is actively working with farmers to reduce their greenhouse gas emissions by testing ways to make soils healthier, which can prevent carbon from leaving the soil and entering the atmosphere. Further, AGCO’s advanced agricultural equipment provides environmental benefits to farmers by helping them cut down on fertilizer while increasing yields.
“We’re pleased that AGCO recognizes the importance of climate transition plans to investors like us,” said Green Century Shareholder Advocate Andrea Ranger. “The company is working on many fronts to cut emissions from its operations, help farmers save money by farming smarter, and make sure carbon stays in the soil.”