SUPPORTING STATEMENT: In evaluating the degree of alignment between the Company’s emissions goals and its lobbying, Amex should consider the policy positions, actual lobbying, and policy influence activities of organizations of which it is a member.
This request is consistent with the investor expectations described in the Global Standard on Responsible Climate Lobbying,1 which is a useful resource for implementation.
The United Nations Framework Convention on Climate Change asserts that greenhouse gas emissions must decline by 45 percent from 2010 levels by 2030 to limit global warming to 1.5 degrees Celsius. If that goal is not met, even more rapid reductions, at greater cost, will be required to compensate for the slow start.2
Amex has publicly committed to achieving company-wide net-zero emissions by 2035 in alignment with the Science Based Targets initiative.3 Amex has recognized that active engagement in the public policy arena is an essential part of responsible corporate citizenship. In its 2023 ESG Report, climate change was identified as the most important issue to Amex stakeholders.4 However, the Company’s positions and details of engagement over specific climate-related policies that would align with its own net-zero commitments are unclear.
Shareholders would thus benefit if Amex disclosed details on aligning its policy advocacy activities with its climate-related commitments.
Despite the recent passage of the Inflation Reduction Act, critical gaps remain between the United States’ Nationally Determined Contributions and necessary climate action.
Companies continue to have an important role to play in enabling policymakers to close these gaps.
Corporate lobbying that is inconsistent with the Paris Agreement presents increasingly material risks to Amex and its shareholders, as delays in emissions reductions undermine political stability, damage infrastructure, impair access to finance and insurance, and exacerbate health risks.
While Amex has disclosed memberships in trade associations, investors lack sufficient information to understand how the company ensures its direct and indirect lobbying aligns with its climate-related commitments, and what actions it takes to address any misalignments. This is concerning given the company’s membership in major trade associations with track records of opposing science-based climate policies, such as the Business Roundtable5 and the U.S. Chamber of Commerce.6
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Report Climate Lobbying Alignment
1 https://climate-lobbying.com/
2 https://unfccc.int/news/updated-ndc-synthesis-report-worrying-trends-confirmed 
3 https://www.ibm.com/about/environment/energy-climate 
4 https://www.americanexpress.com/content/dam/amex/en-us/newsroom/pdfs/AXP_2022- 2023_ESG_Report.pdf
5 https://lobbymap.org/influencer/Business-Roundtable
6 https://lobbymap.org/influencer/US-Chamber-of-Commerce/projectlink/US-Chamber-of-Commerce-In- Climate-Change

Filed by Myra K. Young.