SUPPORTING STATEMENT
Research continues to highlight critical gaps between the climate commitments made by national governments and the actions necessary to prevent the worst effects of climate change on society. A 2022 global assessment makes it clear that nations are not doing enough to limit global warming to 1.5 degrees Celsius[1] and that this goal is now almost entirely out of reach unless immediate and dramatic changes are implemented to limit fossil fuel use, and re-envision energy, transport, and land development.[2]
Companies like Meta have a crucial role to play in both empowering policymakers to close these gaps and in addressing the rising energy demands of its own sector. Investors need clear information on how companies are addressing these challenges, including an analysis of the alignment between companies’ direct and indirect policy advocacy efforts and their own climate targets.
Companies may tout their climate efforts, but often fail to account for their support for organizations and initiatives that work to block critical climate policies needed on a broader scale. As Unilever succinctly notes, “Progress on our own climate change targets means nothing in an overheated world.”[3]
Corporate lobbying that is inconsistent with the goals of the Paris Agreement further poses mounting systemic risks to our financial systems and infrastructure, as delays in curbing greenhouse gases increase physical threats from extreme weather, weaken regional economic stability, and heighten portfolio volatility.[4] Proponents view climate scenarios of 3 degrees Celsius or more as economically destabilizing, and are therefore more critically scrutinizing the potential misalignment between companies' climate strategies and their policy advocacy efforts.[5]  
A review of Meta's disclosed trade association and other memberships[6] reveals concerning inconsistencies with Meta's actions on, and commitments to, its own Net Zero ambitions.[7][8] Meta further supports the direction of some of these potentially misaligned organizations by serving on their boards.[9]
While Meta’s recent policy record includes statements supporting climate science, the need for renewable energy leadership, and the importance of new business alliances tackling gaps in policy, Meta continues to underperform its peers on the strength of its climate policy engagement,[10] its governance and oversight of political influence activity,[11] and in its addressing of widespread climate policy disinformation on its platforms.[12]

SEC filing: https://www.sec.gov/Archives/edgar/data/1975516/000121465923006162/g428230px14a6g.htm

[1] https://report.ipcc.ch/ar6wg3/pdf/IPCC_AR6_WGIII_SummaryForPolicymakers.pdf; https://unfccc.int/news/climate-plans-remain-insufficient-more-ambitious-action-needed-now
[2] https://www.gov.uk/government/news/window-for-climate-action-closing-fast; https://www.nature.com/articles/s41586-022-04553-z
[3] https://www.unilever.com/planet-and-society/climate-action/using-our-voice-for-a-zero-carbon-future/
[4] https://www.occ.gov/news-issuances/speeches/2021/pub-speech-2021-116.pdf?source=email; https://www.fsb.org/wp-content/uploads/P231120.pdf; https://www.federalreserve.gov/econres/notes/feds-notes/climate-change-and-financial-stability-20210319.htm; https://www.forbes.com/sites/pedrodacosta/2020/12/20/climate-change-poses-a-clear-and-present-systemic-risk-to-theeconomy/?sh=6735918310d9
[5] https://www.politico.com/news/2021/04/20/investors-corporate-climate-lobbying-activity-483429; https://www.ft.com/content/9391e853-7b6d-41ca-85a8-49e67ed7e683
[6] https://about.facebook.com/facebook-political-engagement/
[7] https://www.aei.org/politics-and-public-opinion/its-time-to-cancel-the-climate-crisis/
[8] https://www.ceres.org/accelerator/responsible-policy-engagement/database/meta-platforms-inc-formerly-facebook;
[9] https://www.uschamber.com/about/governance/board-of-directors
[10] https://www.theguardian.com/environment/2021/sep/20/big-tech-climate-change;
[11] https://www.ceres.org/accelerator/responsible-policy-engagement/database/meta-platforms-inc-formerly-facebook; https://www.ceres.org/sites/default/files/reports/2022-11/RPE%20Report_Nov22.pdf;
[12] https://influencemap.org/report/Climate-Change-and-Digital-Advertising-a40c8116160668aa2d865da2f5abe91b#1; https://influencemap.org/report/Climate-Change-and-Digital-Advertising-86222daed29c6f49ab2da76b0df15f76#1;