91% of Boeing Shareholders Support Net-Zero Climate Report
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
BERKELEY, CA—MAY 3, 2022—In a resounding vote of support for climate action, 91% — representing more than $43.7 billion in assets — of Boeing shareholders supported a Say on Climate resolution filed by As You Sow. The resolution asks Boeing, the world’s largest aerospace company, to align its full scope of greenhouse gas emissions with the global Paris Agreement’s net-zero-by-2050 goal.
This resolution is part of the larger “Say on Climate” global investor movement calling for companies to develop net-zero, 1.5-degree aligned greenhouse gas reduction goals and a climate transition plan for its Scope 1-3 greenhouse gas emissions. The vote at Boeing follows other Say on Climate resolutions calling for net-zero action from companies, including a 98% vote of support at General Electric and a 92% vote at Sysco.
Boeing is identified as a priority company in the Climate Action 100+ initiative, a coalition of more than 700 investors with more than $68 trillion in assets calling for companies to set net-zero climate transition plans. The CA100+ benchmark sets forth specific net-zero indicators, including that companies align their full scopes of emissions with the 1.5°C global climate goal. This resolution specifically asks Boeing to report how they intend to meet this benchmark.
“Ninety-nine percent of Boeing’s emissions come from use of products, yet the company does not have a concrete plan to reduce these emissions in line with science and the Paris Agreement’s 1.5-degree goal,” said David Shugar, climate initiative manager at As You Sow.
Boeing has set greenhouse gas reduction goals for its operational Scope 1 and Scope 2 operational emissions at certain core sites, but has not set greenhouse gas emissions reduction goals for its Scope 3, use of product, emissions.
“Every company must take responsibility for their full climate impact, addressing small parts of their emissions, while ignoring the vast majority of their emissions, won’t get us to our global climate goals,” said Shugar.
While Boeing has publicly supported the commercial aviation sector’s ambition to achieve net-zero carbon emissions by 2050, it does not provide specific information on how the company intends to align its products with science-based goals. Boeing management supported the resolution and intends to issue the called-for report detailing its net-zero strategy.
“We are thrilled that management supports reporting on how Boeing’s products will meet the 1.5°C global climate goal,” said Danielle Fugere, president of As You Sow. “To maintain a thriving and functioning economy, shareholders are looking toward companies like Boeing to demonstrate leadership in setting climate goals — then starting the work of reducing their full range of greenhouse gas emissions to net zero by 2050.”
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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.