WHEREAS: The Intergovernmental Panel on Climate Change has advised that greenhouse gas (GHG) emissions must be halved by 2030 and reach net zero by 2050 to limit global warming to 1.5°C and every incremental increase in temperature above 1.5°C will entail increasingly severe physical, transition, and systemic risks for companies and investors alike.

In its 10-K, Ryder System ("Ryder" or "the Company") says "regulatory efforts to address the effects of global warming and climate change have affected and will likely continue to affect" its business operations. It acknowledges that requirements to reduce vehicle emissions, many of which are well underway across the U.S., could reduce resell value and demand for Ryder's vehicles and services.

At the same time, The Inflation Reduction Act and Infrastructure Investment and Jobs Act include billions in federal support for vehicle and battery manufacturers, purchasers, and charging infrastructure. Ryder should take advantage of transportation sector incentives such as the 45W commercial vehicle tax credits, which are estimated to direct $3.6 billion toward the cost of purchasing zero-emission trucks during the next ten years.

While Ryder has a goal to reduce emissions from downstream leased assets 15% from 2018, which it achieved ahead of its 2024 target year, it has not outlined plans to strengthen this target in future reporting years to align with science-based reductions across all emissions scopes. By contrast, DHL Group set a near-term target and committed to net zero through the Science Based Targets initiative (SBTi).

To appropriately respond to climate-related risks and opportunities, investors believe Ryder should adopt 1.5°C-aligned science-based emissions reduction targets for its full carbon footprint and publish a climate transition plan – detailing the forward-looking, near-term, and quantitative actions the Company will take to achieve its medium- and long-term sustainability goals.