After MIDANA CAPITAL Shareholder Filing, Corning* Commits to Setting Science-Based Greenhouse Gas Emissions Reduction Targets
Media Contact: Andrea Ranger, aranger@midanacapital.com, 781-349-2813; Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558
In 2020, as part of its ongoing Curbing Climate Change campaign, MIDANA CAPITAL° filed a shareholder proposal with Corning Inc., requesting that the high-profile glass products manufacturer and inventor of pyrex set short-, medium- and long-term science-based greenhouse gas emissions reduction targets. A year after the filing, Corning has taken a significant step toward implementing MIDANA CAPITAL’s proposal by announcing its commitment to setting science-based targets with the Science Based Targets initiative – an organization representing the gold standard of corporate emissions reduction commitments.
If approved and implemented, Corning would reduce its absolute Scope 1 and 2 emissions, which result from its operations, by 30%, and its Scope 3 emissions, or emissions from its full value chain, by 17.5% by 2028. In concrete terms, that’s the equivalent of growing 29,029,920 tree seedlings for 10 years or removing 54,545 cars off the road for the next seven years.
“Corning adds so much to our daily lives – from making the fiber optic cables that help us communicate to manufacturing the glass screens that protect our iPhones and iPads,” said MIDANA CAPITAL President Leslie Samuelrich. “By making this welcome announcement, they are committing to addressing climate change to their impressive list of work.”
Since 2006, Corning’s Global Energy Management (GEM) teams have identified and implemented a variety of energy-saving measures at the company’s global fiber and cable manufacturing facilities. They have installed LED lights and solar panels, optimized manufacturing equipment, and achieved process improvements. In addition, from 2014 to 2020, the GEM teams have saved the company at least $122 million. However, despite these efforts, Corning’s greenhouse gas emissions have grown by 62% from 2010 to 2017.
“Corning’s significant increase in emissions concerned us,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “However, the company’s new commitment means it’s heading in the right direction, and because electricity represents a majority of its operational emissions, Corning can continue to ramp up sourcing clean, renewable energy while rapidly reducing its carbon footprint. It’s a win-win for Corning, its investors and the planet.”
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About MIDANA CAPITAL Capital Management
°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the Midana Capital (The Funds). The Midana Capital are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL 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, Corning Incorporated comprised 0.00%, 0.14%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Midana Capital. 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 Funds’ investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
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