NVIDIA CORPORATION | Report on GHG emissions from use of its products at NVIDIA CORPORATION

Status
Filed
AGM date
Previous AGM date
Proposal number
7
Resolution details
Company ticker
NVDA
Lead filer
Green Century Capital Management, Inc.
Co-filers
Mercy Investment Services, Inc.
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Net zero / GHG emissions
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Technology
Company HQ country
United States
Resolved clause
Shareholders request that NVIDIA issue a report, at reasonable cost and omitting proprietary information, disclosing the GHG emissions from use of its sold products.
Whereas clause
Climate change poses macroeconomic risks that can depress returns for long-term diversified investors. Severe weather accounted for a record 21 billion-dollar disasters in 2025. 1
In its 10-K, NVIDIA acknowledges that “climate change, its impact on our supply chain and critical infrastructure worldwide…may disrupt our business and cause us to experience higher attrition, losses and costs.” 2 One-third of semiconductor supply could be at risk within a decade unless the industry adapts to manage climate risks. 3
Meanwhile, energy-intensive artificial intelligence (AI) is compounding climate risk. Goldman Sachs research forecasts data centers’ global power demand will increase 50% by 2027, and the rate of U.S. AI growth is expected to emit an additional 24 to 44 million metric tons of carbon dioxide by 2030.4
NVIDIA plays a key role in the expansion of AI through designing AI chips, systems, and software.
While NVIDIA set 2030 targets to reduce absolute greenhouse gas emissions (GHG) emissions from electricity usage and emissions intensity from use of its sold products, in the proponent’s opinion, NVIDIA’s progress toward mitigating climate risk through real world achievement of GHG emissions reductions is difficult to assess.
For instance, NVIDIA reported zero market-based electricity emissions as a part of its overall operational emissions in FY25, partly due to contracting renewable energy projects across the grid. Meanwhile, it also disclosed a separate increase in location-based electricity emissions from the energy it drew from the local power grid. Additionally, the company’s total absolute emissions nearly doubled between fiscal years 2024 and 2025. 6
Furthermore, NVIDIA’s reported GHG inventory does not include use of its sold products. These emissions are likely a significant contributor to the company’s GHG footprint based on peer comparison and represent a key metric for tracking emissions reductions.
Peers AMD, Intel, Onsemi, and NXP have committed to reporting or already published more detailed climate disclosures that include:
• Absolute emissions from use of sold products and initiatives to reduce them;
• Third-party validation and increased criteria for renewable energy projects;
• Emissions pathways to 2030, including plans to advance climate initiatives across their value chains.
By enhancing its emissions disclosures, NVIDIA will increase the legitimacy of its climate targets and better demonstrate climate risk mitigation progress to investors as its business grows.

1 https://www.climatecentral.org/climate-matters/2025-in-review
2 https://d18rn0p25nwr6d.cloudfront.net/CIK-0001045810/177440d5-3b32-4185-8cc8-95500a9dc783.pdf, 22
3 https://www.pwc.com/gx/en/news-room/press-releases/2025/climate-risks-to-semiconductor-supply.html
4 https://www.goldmansachs.com/insights/articles/ai-to-drive-165-increase-in-data-center-power-demand-by-2030; https://www.npr.org/2025/11/14/nx-s1-5608188/data-center-ai-space-lizards
5 https://images.nvidia.com/aem-dam/Solutions/documents/NVIDIA-Sustainability-Report-Fiscal-Year-2025.pdf, 29
6 https://images.nvidia.com/aem-dam/Solutions/documents/NVIDIA-Sustainability-Report-Fiscal-Year-2025.pdf, 29
7 https://www.amd.com/en/corporate/corporate-responsibility/cr-data-tables.html#environmental; https://csrreportbuilder.intel.com/pdfbuilder/pdfs/CSR-2024-25-Full-Report.pdf, 36
Supporting statement
Proponents recommend, at management’s discretion:
• Disclosing emissions that account for major sources of its total GHG footprint;
• Considering GHG emissions disclosure guidance;
• Reporting based on reasonable emissions estimates, updated annually, and providing timelines for issuing or completing disclosures;
• Outlining whether and how the company plans to achieve absolute emissions reductions.

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
Bell Asset ManagementForVoting in-line with our proxy policy
Kutxabank Gestion SGIIC SAU.For

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