Resolved clauseShareholders request Comcast 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 greenhouse gas 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 Comcast has adopted various initiatives to increase energy efficiency and use of renewable energy in its operations, it does not have a company-wide and timebound low-carbon transition plan.
Meanwhile, peer telecommunication companies have already begun to set ambitious climate, renewable energy, and energy efficiency goals, many of whom have committed to and validated these goals through the Science Based Targets Initiative. Verizon committed to carbon neutrality by 2035 with a renewable energy procurement target of 50% by 2025, and Liberty Global set a 1.5 degrees C Paris aligned target to reduce emissions across its value chain (scopes 1, 2, and 3), including a 50% reduction in emissions by 2030.
Recently acquired Sky Group has pledged net zero carbon emissions by 2030 and is a signatory of the Business Ambition for 1.5 degrees C Pledge. Ramping up the scale, pace, and rigor of climate-related initiatives throughout the company could secure a leadership role for Comcast that unlocks opportunities for growth as customers increasingly demand environmental accountability. It may also help prepare the Company for future climate-related regulations.
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 Comcast 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 statementIn 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 value chain aligned with the Paris Agreement;
Adopting timebound 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.