The increasing rate and number of climate related disasters affecting society is causing alarms to be raised globally, making the corporate sector’s contribution to climate mitigation a significant policy issue.

In addition to environmental and social harms, climate change is creating systemic risks to the economy. The Commodity Futures Trading Commission underscored that climate change could impair the productive capacity of the U.S. economy.

Shareholders are increasingly concerned about material climate risk to their companies and their portfolios and seek clear and consistent disclosures from the companies in which they invest, including credible climate transition plans. BlackRock’s CEO writes that, “there is no company whose business model won’t be profoundly affected by the transition to a net zero economy” and that investors “are asking companies to disclose a plan for how their business model will be compatible with a net zero economy”.

In response to material climate risk, the Climate Action 100+ initiative (CA100+), a coalition of 615 investors with $60 trillion in assets, issued a Net Zero Benchmark (Benchmark) outlining metrics that create climate accountability for companies and transparency for shareholders. Indicators 1 through 5 of the Benchmark seek reporting on companies’ net zero emissions ambitions; short, medium and long term greenhouse gas (GHG) reductions goals covering enterprise-wide emissions; and strategic action plans to achieve decarbonization targets.

HCA Healthcare, Inc. is a health care services company operating 185 hospitals and 142 freestanding centers in the U.S. and England. Our Company has undertaken activities to reduce emissions at certain facilities, including energy efficiency programs and applying environmentally preferable purchasing strategies. However, these are limited programs that do not address GHG emission reductions across its enterprise. Further, our Company is not yet reporting scope 1 through 3 emissions and lacks targets for reducing its emissions in alignment with the global Paris 1.5oC goal. By disclosing enterprise-wide GHG emissions, and setting a Net Zero by 2050 goal and aligned interim target(s), HCA Healthcare can provide investors with assurance that management is reducing its climate contribution at the rate and scope necessary to fully address the growing risks and opportunities associated with climate change.