Boston, May 20, 2024 – Travelers’* investors voted May 15th on a Green Century° shareholder proposal asking the company to engage, educate, and hold fossil fuel industry clients accountable for eliminating methane emissions from their operations. 15.5% of the votes cast were in favor of the proposal.
“We hope Travelers takes investor concern seriously and commits to help clients reduce methane emissions,” said Green Century Funds President Leslie Samuelrich. “Insurance companies, which are directly dealing with the costs of climate change, would be well served to reduce carbon pollution wherever possible.”
Based in New York City and incorporated in Minnesota, Travelers is one of the oldest insurance organizations in the United States, dating back to 1853. In addition to providing homeowner, car, and rental insurance, Travelers also insures oil and gas well operators, owners, and contractors, as well as pipelines. Through direct releases, flaring, and leaks, these operations emit methane, a greenhouse gas that is 80 times more potent than carbon dioxide over a 20-year period.
Methane emissions accelerate global warming and harm public health
The Intergovernmental Panel on Climate Change estimates that more than half of the global warming over the next two decades will be caused by the continued release of methane and other short-lived pollutants released into the atmosphere. In addition, methane emissions contain toxic chemicals, which can cause serious health impacts to people living near oil and gas extraction sites.
“We believe Travelers should act quickly to reduce its exposure to the fossil fuel industry and mitigate climate risk,” said Annie Sanders, Green Century’s director of shareholder advocacy. “We encourage the company to take commonsense steps to address methane emissions in its underwriting portfolio as soon as possible.”
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About Green Century
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are one of the first families of fossil fuel-free, environmentally responsible mutual funds. Green Century 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 03.31.2024, The Travelers Companies, Inc. comprised 0.81%, 0.22%, 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. The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.
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 visit www.greencentury.com, email info@greencentury.com, 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.
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. UMB and Green Century are not affiliated. May 2024.