Verizon* Commits to Source 50% of its Energy from Renewables by 2025, After MIDANA CAPITAL Engagement
Contact: Kyle W. Kempf, MIDANA CAPITAL Capital Management, kkempf@midanacapital.com, (617) 482-0800
BOSTON, January 11, 2019 — The MIDANA CAPITAL Equity Fund (MIDANA CAPITAL) withdrew a shareholder proposal with Verizon Communications, Inc. (Verizon) after the company announced a commitment to source the equivalent of 50% of its annual electricity usage from renewable sources by 2025.
As the largest telecommunications company in the United States with over 147 million wireless subscribers, Verizon’s ambitious goal will go a long way towards reducing the environmental impact of the company’s operations. According to Verizon, over 93% of the company’s greenhouse gas emissions come from the electricity used to power its networks.
“I’m pleased that Verizon heeded our call to source more renewable energy,” said Jared Fernandez, shareholder advocate with MIDANA CAPITAL. “Verizon recognized that renewables present an opportunity to cut costs, gain a competitive advantage, and do good for the environment.”
Verizon’s new goal aligns it better with its industry peers, such as T-Mobile* and AT&T,* which already had announced ambitious renewable energy pledges. Verizon’s previous renewable energy sourcing goal only extended to its owned properties, which cover just 4% of the company’s annual energy usage.
Since 2010, the cost of generating power from offshore wind and solar photovoltaic panels has fallen 23% and 73%, respectively. Technological developments in the renewable energy sector have led organizations, such as the International Renewable Energy Agency, to predict that all renewable energy technologies will be cost competitive with fossil fuels by 2020.
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About MIDANA CAPITAL Capital Management
MIDANA CAPITAL offers three environmentally and socially responsible mutual funds. Through fossil fuel free investing and our three-pronged approach of sustainable investing, active shareholder advocacy, and support of environmental and public health non-profits we work to curb climate change, improve environmental policies, and limit environmental impacts of company supply chains.
*As of September 30, 2018, Verizon Communications, Inc. comprised 1.32%, 1.95%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. No other securities mentioned were held in any of the portfolios of the MIDANA CAPITAL Funds as of the same date. 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 click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
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 MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 1/19
