Resolved clauseShareholders request Booking issue a report, at reasonable cost and omitting proprietary information, describing if, and how, it plans to reduce its total contribution to climate change in alignment with the Paris Agreement's goal of maintaining global temperature increases well below 2 degrees C, ideally striving for 1.5 degrees C.
Whereas clauseIn 2018, the Intergovernmental Panel on Climate Change advised that net carbon emissions must fall 45 percent by 2030 and reach net zero by 2050 to limit warming below 1.5 degrees C thereby preventing the worst consequences of climate change.
The Fourth National Climate Assessment (2018) reports that with continued growth in emissions, annual U.S. economic losses could reach "hundreds of billions of dollars by 2100."
A warming climate is associated with systemic portfolio risks to investors, including supply chain dislocations, reduced resource availability, lost productivity, commodity price volatility, infrastructure damage, and disruptions from severe weather events, among others.
While Booking Holdings has adopted various ad-hoc initiatives to increase energy efficiency in its offices and data centers and has pledged, through membership in Travalyst, to "reduce and offset carbon emissions associated with our trips", the Company has neither goals nor a plan to reduce greenhouse gas emissions from either its operations or in its value chain.
Many companies including those that manage or lease office space such as JLL, Landsec, and Boston Properties and data center providers like Digital Realty and Iron Mountain have adopted science-based greenhouse gas reduction targets. It also lags hospitality providers like Hilton and MGM Resorts and airlines like British Airways and Iberia which also have adopted sciencebased greenhouse gas reduction targets.
Ramping up the scale, pace, and rigor of its climate-related initiatives could secure a leadership role for Booking Holdings that unlocks opportunities for growth as customers increasingly demand environmental accountability. It may also help prepare the Company for future climate-related regulations.
Tourism currently accounts for 8% of global greenhouse gas emissions. (Nature Climate Change, 2018). Given the impact of climate change on the economy, the environment, and human systems, and the short amount of time in which to address it, proponents believe Booking Holdings has a clear responsibility to its investors and other stakeholders to account for whether, and how, it plans to reduce its ongoing climate contributions across its value chain.
Supporting statement In the report shareholders seek information, among other issues at board and management discretion, on the relative benefits and drawbacks of integrating the following actions:
? Developing a low-carbon transition plan;
? Adopting short- and long-term greenhouse gas emissions reduction targets for the Company's carbon footprint (Scope 1, 2, and 3) aligned with the Paris Agreement;
? Increasing the scale, pace, and rigor of existing initiatives aimed at reducing the carbon intensity of Booking Holdings products and operations;
? Adopting renewable energy, energy efficiency, and electric vehicles targets;or
? Engaging with affected stakeholders including employees, their representatives, and communities impacted by the company's transition plan, if applicable.