Statement: Green Century shareholder resolution urges Chevron* to avoid the Arctic Refuge

If passed by shareholders, Chevron would be the first major oil company to commit to leaving this wild place pristine

Environment America

WASHINGTON — Green Century Capital Management°, Environment America’s affiliated socially responsible mutual fund company, announced on Friday that for the second year in a row it has filed a shareholder resolution with Chevron, urging the oil company to commit to no future drilling in the Arctic National Wildlife Refuge.

Chevron previously drilled a test well in the refuge but did not show up to the first ever lease sale in January 2021. The lease sale itself was a failure, with only three bidders and the majority of leases being awarded to AIDEA, an Alaska state agency. When Green Century filed a similar shareholder proposal with Chevron last year, the company moved to prevent its shareholders from considering it, petitioning the Securities and Exchange Commission to allow for the exclusion of Green Century’s proposal from its proxy statement.

This announcement comes a week after major insurer AIG* announced several climate-related commitments, including a pledge to no longer invest in or provide insurance for any new energy exploration activities in the Arctic. The six largest banks in the United States and Canada’s five largest banks have already announced that they will not finance oil and gas exploration in the Arctic.

Environment America Public Lands Campaign Director Ellen Montgomery issued the following statement:

“The writing is on the wall. First the banks announced that they won’t finance Arctic drilling and now we’re seeing insurance companies decline to back Arctic oil and gas exploration. It’s time for oil companies to get on board and publicly commit to not drilling in the refuge. Chevron could lead the way. Doing otherwise ignores what’s become so clear to so many: Drilling in the refuge makes no sense. It’s bad for the fragile ecosystem, bad for the people who live there, bad for our climate. It’s also deeply unpopular with the American people. No major oil company, including Chevron, showed up to last year’s lease sale. It’s time to make it official and announce that they will not drill.”

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Environment America is a national network of 30 state environmental groups. Our staff work together for clean air, clean water, clean energy, wildlife and open spaces, and a livable climate. Our members across the United States put grassroots support behind our research and advocacy. Environment America is part of The Public Interest Network, which runs organizations committed to a shared vision of a better world, a set of core values, and a strategic approach to getting things done.

About Green Century Capital Management

°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. Green Century Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of December 31, 2021, no securities mentioned were held in the portfolios of any of the Green Century Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.greencentury.com, email [email protected], or call 1-800-934-7336. Please read the Prospectus carefully before investing.

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This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 3/22