Booking Holdings Annual Meeting - Climate Transition Report

Ladies and gentlemen, thank you for the opportunity to present item #7. I am David Shugar, analyst for the shareholder representative As You Sow.

This resolution, requesting an annually updated climate transition report, provides the opportunity for Booking Holdings to establish a comprehensive plan to respond to climate change and reduce greenhouse gas emissions.

Climate-related financial risks continue to intensify and pose material threats for companies. 2020 set a new record for weather and climate disasters in the U.S.; with over $95 billion of costs associated with storms, cyclones, wildfire, and drought.

Ladies and gentlemen, thank you for the opportunity to present item #7. I am David Shugar, analyst for the shareholder representative As You Sow.

This resolution, requesting an annually updated climate transition report, provides the opportunity for Booking Holdings to establish a comprehensive plan to respond to climate change and reduce greenhouse gas emissions.

Climate-related financial risks continue to intensify and pose material threats for companies. 2020 set a new record for weather and climate disasters in the U.S.; with over $95 billion of costs associated with storms, cyclones, wildfire, and drought.

To address climate-related financial risks, investors seek clear, consistent, and credible net zero transition plans. BlackRock’s CEO writes that “there is no company whose business model won’t be profoundly affected by the transition to a net zero economy”. Furthermore, BlackRock states that investors “are asking companies to disclose a plan for how their business model will be compatible with a net zero economy”.

Major companies are now producing, or plan to produce, climate transition plans - including Unilever, Procter & Gamble, S&P, Nestlé, and many others. Additionally, over 1000 companies have set Science Based reduction targets to avoid the worst impacts of climate change in alignment with the Paris Agreement. By reporting a climate transition plan with carbon reduction efforts grounded in climate science, Booking Holdings can join these climate leaders and create a net-zero aligned business.

While our Company recent reported in its 2020 sustainability report that it has become ‘carbon neutral’, it relies on the purchase of large amounts of carbon offsets to achieve this neutrality. This is a good first step, but Booking Holdings has yet to set company-wide targets to reduce operational or supply chain greenhouse gas emissions.

The Science Based Targets Initiative (SBTi) does not allow the use of large amounts of carbon offsets stating that this strategy is not consistent with reaching a net zero economy at a global level. Additionally, the Climate Action 100+ Net Zero Company Benchmark specifically states that “the use of offsetting or carbon credits should be avoided and limited” and that “offsetting should not be used by companies operating in sectors where viable decarbonization technologies exist” – which is the case for Booking Holdings.

Many peer technologies companies, including Adobe, PayPal, and Intuit – have set GHG reduction goals that are validated by the Science Based Targets and do not use carbon offsets. Booking Holdings current climate efforts that heavily relies on offsets, standing alone, is insufficient without targets to reduce its own emissions.

We urge a “Yes” vote on this resolution for Booking Holdings to issue a climate transition report that sets forth goals, ambitions, and time frames for reducing emissions in alignment with science-based climate standards. Thanks for the opportunity to present on this important issue.

Booking Holdings – AGM Speech: Item #8 (Advisory Vote on Climate Change)

I would also like to put forth item #8 to hold an annual advisory stockholder vote on the Company’s climate policies and strategies. This will provide the opportunity for shareholder feedback on Booking Holdings climate policies.