AmazonScience/document-haystack

1Voluntary commitments to reduce carbon emissions create unnecessary risk for the Company because of the 2lack of scientific consensus over the ability to achieve net zero emissions.3In August 2023, the Global Climate Intelligence Group asserted, "There is no climate emergency."10 The 4declaration includes 1,609 signatories and "oppose[s] the harmful and unrealistic net-zero CO2 policy proposed 5for 2050.”116A June 2023 study by the Energy Policy Research Foundation found that net zero advocates have misconstrued 7the International Energy Agency's position on new oil and gas investment and that it has made questionable 8assumptions and milestones for NZE about government policies, energy and carbon prices, behavioral changes, 9economic growth, and technology maturity.1210Supporting Statement: UPS voluntarily reports on Scope 1, 2 and 3 emissions and makes voluntary 11commitments to reduce them.13 UPS does so even though it has failed to report on its evaluation of the 12technological or financial feasibility of such commitments. Given the SEC's climate and ESG enforcement actions, 13the Company must exercise caution and provide transparency about such commitments.14Resolved: Shareholders request the Company produce a report analyzing the risks arising from voluntary 15carbon-reduction commitments.16Response of UPS’s Board17UPS supports global efforts to mitigate the impact of climate change. Sustainability is an inherent part of UPS’s 18overall business and operating strategy, and we take a comprehensive, global approach to reducing energy use 19and GHG emissions within our network, as well as major portions of our value chain. UPS takes a fiscally 20responsible approach utilizing sound engineering principles in the execution of our strategy. The UPS board 21provides effective oversight of UPS’s strategic risks and opportunities. Management’s day-to-day execution of 22our strategic objectives involves a multi-layered approach facilitated by an understanding of our business, the 23macroeconomic environment and the associated risks and opportunities. We report publicly on risks and 24opportunities associated with our approach and progress toward our goals on a regular basis. As a result, the 25requested report would not significantly alter the mix of information available.26UPS is committed to reducing our carbon footprint for the benefit of all stakeholders, and provides 27transparent, comprehensive sustainability disclosures with regular updates on our progress28UPS is committed to sustainable business practices and transparent sustainability reporting. We published our 29first Corporate Sustainability Report in 2003. Each year, we publish comprehensive sustainability related 30disclosures showcasing our commitment to our investors, our customers, our employees and the communities in 31which we operate. These include disclosures under the Global Reporting Initiative (“GRI”) and the Carbon 32Disclosure Project (“CDP”) frameworks, as well as an annual Social Impact Report which highlights our efforts to 33empower resilient, just and safe communities. We believe these disclosures provide stakeholders the information 34they need to assess our sustainability efforts and progress. Additional material issues are discussed in our 35periodic filings with the SEC.36The UPS board provides effective oversight of UPS’s strategy, which includes risks and opportunities 37associated with emissions reductions efforts38The board's oversight responsibilities include strategic planning, risk management and financial reporting. This 39includes oversight of climate-related matters as a part of the Company’s overall business strategy. The board 40considers climate-related risks and opportunities in numerous ways, including through its standing committees. 41The board’s Risk Committee, consisting entirely of independent directors, is responsible for oversight of 42management’s identification and evaluation of enterprise risks, including the Company’s climate-related risks. 43Economic, environmental and social sustainability risks and opportunities are considered as part of our 44comprehensive enterprise risk management program. Under our enterprise risk management process, risks, 45including climate-related, are identified, prioritized and assigned an owner, who is responsible for developing 46mitigation plans. The Risk Committee reviews these items on a regular basis.4710 https://clintel.org/wp-content/uploads/2023/08/wcd-version-081423.pdf4811 https://clintel.org/wp-content/uploads/2023/08/WCD-version-081423.pdf4912 https://assets.realclear.com/files/2023/06/2205_a_critical_assessment_of_the_ieas_net_zero_scenario_esg_and_the_cessation_of_50investment_in_new_oil_and_gas_fields.pdf5113 https://about.ups.com/content/dam/upsstories/assets/reporting/sustainability-2021/2020_UPS_TCFD_Report_081921.pdf527253 54Notice of Annual Meeting of Shareowners and 2024 Proxy Statement55The secret animal #3 is an "eagle".