Mueller Industries Inc: GHG Disclosure and Target Setting

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WHEREAS:  In addition to environmental and social harms, climate change is creating systemic risk to the economy, making the corporate sector’s contribution to climate mitigation a significant policy issue. The latest IPCC publication states that the window for limiting global warming to 1.5 degrees Celsius (“1.5°C”), and thereby avoiding the most catastrophic impacts of climate change, is quickly narrowing and that immediate, sharp emissions reduction is required of all market sectors and industries.[1]

Shareholders are responding to the growing material climate risk to their companies and their portfolios. The Climate Action 100+ initiative, a coalition of more than 700 investors with over $68 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 ambition; short, medium, and long-term greenhouse gas (GHG) reductions goals; and strategic actions planned to achieve decarbonization targets.[2]

Mueller Industries is a leading manufacturer of copper, brass, aluminum, and plastic products serving customers in a variety of industries. While our Company discloses its combined Scope 1 and 2 emissions, it does not disclose its Scope 3 value chain GHG emissions, nor has it set short or long-term 1.5oC-aligned GHG reduction targets.[3]

To manage climate risk, it is critical that companies set 1.5°C aligned GHG emissions reduction targets to reduce risk, remain competitive, and guide planning and investment decisions. Metal markets are already shifting to lower GHG emissions. General Motors,[4] Ford,[5] and Volvo are moving to procure low-carbon steel.[6] The Science Based Targets initiative lists 26 companies in the ‘Mining – Iron, Aluminum, Other Metals’ industrial sector as committed to or having approved net zero targets, including thyssenkrupp, and SSAB. Tata Steel, Arcelor Mittal, U.S. Steel, and Nucor have made commitments to produce net zero steel by 2050 or earlier.

By setting 1.5°C, Paris-aligned GHG reduction targets for its Scope 1 through 3 emissions, disclosing a net zero transition plan, and demonstrating progress toward achieving these goals, Mueller Industries can provide investors with assurance that management is reducing its climate contribution, addressing the risks and opportunities associated with climate change, and remaining competitive.

BE IT RESOLVED:  Shareholders request the Board issue a report, excluding confidential information, disclosing how Mueller Industries intends to reduce its operational and value chain GHG emissions in alignment with the Paris Agreement’s 1.5°C goal requiring Net Zero by 2050 emissions.

SUPPORTING STATEMENT:  Proponents suggest, at Company discretion, it:

  • Disclose a timeline for setting a net zero by 2050 GHG reduction target and 1.5°C aligned interim goals;

  • Consider approaches used by advisory groups such as the Science Based Targets initiative;

  • Include an enterprise-wide climate transition plan to achieve 1.5oC aligned emission reductions;

  • Annually report progress towards meeting its emissions reduction goals.

Resolution Details

Company: Mueller Industries Inc

Lead Filers:
As You Sow

Year: 2023

Filing Date: 
December 2022

Initiative(s): Climate Change

Status: Resolution Withdrawn, Agreement Reached

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EnergyAs You SowClimate Change, GHG Emissions, Climate Change Risks, Net Zero, emissions, target setting, Mueller Industries Inc, Mueller