Climate change impacts present systemic portfolio risks to investors; a warming climate contributes to supply chain disruptions, lost productivity, commodity price volatility, adverse human health impacts, and regulatory risk, among others. In 2018, the Intergovernmental Panel on Climate Change (IPCC) advised that net greenhouse gas (GHG) emissions must fall 45 percent by 2030 and reach net zero by 2050 to limit warming below 1.5°C and meet the goals of the Paris Climate Agreement. The Sixth Assessment IPCC report released in August, 2021 notes that the planet has already warmed 1.1°C , far exceeding expectations, and that global warming of 1.5°C and 2°C will be exceeded during the 21st century unless deep reductions in carbon dioxide (CO2) and other greenhouse gas emissions occur in the coming decades.1 Estimates of the economic impacts of exceeding 1.5 °C warming could reach hundreds of trillions of dollars by 2100.2 As a long-term investor, we believe meeting the Paris Climate Agreement’s goals will prevent devastating impacts on society and portfolio value. We see future business as usual scenarios with 3 -4°C increases in global average temperature as both unacceptable and not investable. We appreciate that Tractor Supply Company (Tractor Supply) has significantly improved its disclosure on climate, including inaugural Task Force on Climate Related Disclosures and CDP reports. The company has also taken steps to reduce scope 1 and 2 emissions and established renewable energy goals — a crucial step to increase the negligible 1.1% derived from renewable energy as reported in 2020. However, Tractor Supply has not measured the carbon footprint of scope 3 emissions beyond propane and welding gas. Scope three emissions are often many times larger than a company’s direct footprint. Achieving the U.S.’s goal to reduce GHG emissions 50-52% by 2030 will require rapid and far-reaching changes in every sector. Given the clear need for more urgent and ambitious action on climate change, proponents believe the company would benefit from increasing the scale and pace of climate action and committing to measuring and reducing Tractor Supply’s full value chain emissions footprint. Several retailers including Walmart, BestBuy, and Target are not only measuring their full value chain emissions (scopes 1, 2, and 3) but are also pursuing long-term, science-based emissions reductions consistent with the goals of the Paris Climate Agreement. Other retailers, including Home Depot, Advance Auto Parts, and Williams -Sonoma have committed to setting science based targets.3 Each company is implementing different strategies to achieve this common goal. Examples include adopting aggressive renewable energy goals, focusing resiliency efforts on at-risk suppliers, and collaborating with other companies to scale efforts.