Boston, September 4, 2024 – Twenty investors representing over $695 billion in assets under management delivered a letter to Chemours* asking the chemical company to make permanent its near-term commitment to avoid mining at the Okefenokee swamp. The Okefenokee is one of the largest freshwater wetlands in the world, a massive carbon sink, and home to over 1,000 species of plants and animals.
“Investors agree that the Okefenokee is the last place Chemours should set up shop,” said Leslie Samuelrich, president of Green Century. “Mining at this ecological gem would expose the company to a whole host of business risks that, quite simply, aren’t worth the reward.”
In the letter, investors articulated concerns that mining or purchasing materials mined at the Okefenokee could expose Chemours to undue financial risk including climate and biodiversity risk, regulatory and legal risk, and reputational risk. Numerous independent scientists say such mining poses an existential threat to the swamp, and according to a recent poll, nine out of ten Georgia voters are opposed to the mine. The Okefenokee was also nominated last year to the UNESCO World Heritage List to join such iconic sites as the Grand Canyon and the Taj Mahal.
“With growing risks and concerns around sustainable supply chains, we believe any Chemours involvement in mining such a sensitive area, one nominated for the UNESCO World Heritage List, would certainly present risks to the company, investors and this natural treasure,” said Ivan Frishberg, Chief Sustainability Officer for Amalgamated Bank.
Investors also raised concerns that Twin Pines Minerals (TPM), a mining company with a prior contractual relationship to Chemours and a track record of numerous environmental violations, was awarded draft mining permits at the Okefenokee earlier in 2024. The letter also highlighted that TPM’s northern neighbor, Toledo Manufacturing, has publicly called for mining on its land and TPM’s western neighbor, Rayonier Inc., has leased land to Chemours for titanium mining elsewhere in southeast Georgia.
“The Okefenokee is a precious resource worthy of protection over profit,” said Sister Jean Sliwinski, Provincial Sustainability Coordinator for the Felician Sisters of North America. “We are grateful for Chemours commitment and ask that they take the next step to prevent mining in this area.”
As a next step, investors hope to discuss strategies Chemours is undertaking to mitigate risk associated with titanium mining and purchasing titanium mined by others at the Okefenokee, especially in light of the aspiration articulated a recent Chemours Sustainability Report “to be the most sustainable TiO2 enterprise in the world.”
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About Green Century
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are one of the first families of fossil fuel-free, environmentally responsible mutual funds. Green Century hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of 6.30.2024, securities mentioned were not held in the portfolios of any of the Green Century Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.greencentury.com, email info@greencentury.com, or call 1-800-934-7336. Please read the Prospectus carefully before investing.
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The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. September 2024.