What if there were a 20 point shift in public opinion on the climate issue? How would that effect Amazon's brand given it's inaction on climate and partnerships with fossil fuel companies? 18/
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In Europe, climate stress tests mostly dive into holdings and assets. Ex: "If there were to be a sudden adjustment—a carbon bubble—would you still be a solvent bank if all fossil fuel companies lost 40% of their value?" But Amazon shareholders need more stresses tested. 27/
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Amazon shareholders and investors need strategic assessment of valuation: —If there were a carbon bubble and a market adjustment —If a serious carbon tax was imposed —If there were a 20 point shift in public opinion on the climate issue 28/
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Again: CLIMATE IS A FUNDAMENTAL, STRATEGIC DRIVER OF AMAZON'S RISKS AND OPPORTUNITIES. This is an emerging awareness, but now that we understand, we have to act. We must also do these climate stress tests to understand it more clearly. 29/
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An added benefit of acknowledging that climate is a fundamental driver of risks and opportunities: it puts pressure on related industries to acknowledge the same thing. This is happening with real estate investments. 30/
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Real estate investor institutions are having to acknowledge that climate change is a major risk, because someone else has already said it. 2017 saw close to $300B in damages for the real estate industry. The more people admit risk, the more everyone has to. 31/
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Considering all of this, Amazon Board's recommendation “AGAINST” the climate change resolution seems... ridiculous and extremely short sighted. 32/
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Their first sentence in explaining their recommendation against the climate resolution says they agree with the "importance of planning for potential disruptions posed by climate change and on reducing our dependence on fossil fuels" 33/ https://www.sec.gov/Archives/edgar/data/1018724/000119312519102995/d667736ddef14a.htm …
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But then they follow that sentence saying, "We have a history of commitment to sustainability, through innovative programs such as Frustration Free Packaging..." Really, you're going to lead with... packaging? 34/
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There's clearly a ways to go for Amazon to understand climate as a strategic driver for the business in terms of the very real, near, and significant risks it poses, and also the opportunities it offers. Investors want transparency wrt these risks and opportunities. 35/
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Before I end, I again want to thank
@AlexSteffen for taking the time to chat and share his thinking with me, which this entire thread is based on. /finShow this thread
End of conversation
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