FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

BERKELEY, CA—DEC. 19, 2022—Amalgamated Bank and Green Century Capital Management filed a shareholder resolution with Amazon requesting the company measure and disclose the emissions from its full value chain, including from all products it sells. The resolution will be voted on at Amazon’s next annual general meeting in May 2023. Amalgamated Bank is being represented by As You Sow.

“Amazon has failed to take responsibility for the vast majority of greenhouse gas emissions it enables as the world’s largest online retailer,” said Daniel Stewart, As You Sow’s energy and climate program manager. “As climate impacts accelerate, it is critical that Amazon work to ensure that the products it sells and the suppliers it works with are transitioning to net zero.” 

While Amazon has stated a commitment to achieve net-zero emissions by 2040, it fails to include emissions for the products it sells beyond Amazon-branded products, which account for only 1% of product sales. By not disclosing the emissions from the vast majority of the products it sells, Amazon’s exposure to climate risk is much larger than its current emission disclosures capture. On the other hand, peers Target and Walmart disclose emissions from all their product sales and have adopted Science Based Targets initiative-approved goals for reducing their value-chain emissions.

“Amazon is trying to claim a leadership spot in the corporate race to net-zero emissions but is not disclosing all of its greenhouse gas emissions, leaving investors to wonder whether Amazon is a climate risk rather than a climate leader,” said Andrea Ranger, shareholder advocate at Green Century Capital Management.

Alarmingly, Amazon’s disclosed absolute emissions have risen approximately 40% since 2019 when they need to be falling to align with the Paris Agreement’s goal of limiting global warming to 1.5 degrees Celsius. 

“Amazon’s challenges in delivering on its climate commitments reflect the uphill task our economy faces in decarbonizing, but investors expect more from a company of this size and capacity,” said Ivan Frishberg, Amalgamated Bank’s chief sustainability officer.

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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.