Company: BRK-A
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001193125-25-054877
Chunk: 37

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 37
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 has also declined in critical markets. In 2023, 12% of homeowners lacked insurance, up from 5% four years earlier, as states like California and Florida become uninsurable due to climate-driven disasters. 46 Berkshire Hathaway Inc.’s Property & Casualty reinsurance business saw its losses increase from $9.8 billion in 2021 to $12.6 billion in 2023, and Berkshire’s Primary Insurance Group losses increased from $8.1 billion to $11.2 billion in the same time frame. 47Berkshire’s subsidiary AmGUARD recently announced it will drop over 50,000 homeowner and personal umbrella policies in California. 48 Despite this growing insurance crisis, Berkshire continues to invest in and underwrite high-carbon business sectors, which exacerbates extreme weather and increases systemic climate risk. Berkshire holds $95.805 billion in fossil fuel-related shares and bonds. 49In its 2017 reporting to California, Berkshire indicated that fully 38% of its life insurance investments were in fossil fuel assets. 50Unlike most large insurance companies, Berkshire continues to underwrite new coal projects; its utility subsidiary, Berkshire Hathaway Energy, owns at least eleven coal power plants and has partial stakes in thirteen others. 51 Berkshire’s current investments in the fossil fuel sector exacerbate physical climate risk to policyholders and to the Company itself, and increases portfolio risk to investors. Reducing its investment in the fossil fuel sector will help reduce climate risk. BloombergNEF concludes that to achieve the science-based, global goal of net zero emissions by 2050, the global financing ratio of investments in low-carbon energy to fossil fuels must reach a minimum of 4:1 by 2030. 52 Disclosure of Berkshire’s current clean energy financing ratio will indicate to investors whether Berkshire is decreasing its contribution to climate change and investing in alignment with Paris climate goals or continuing to contribute to growing climate risk. RESOLVED:Shareholders request that Berkshire annually disclose its clean energy financing ratio, defined as its total financing in low-carbonenergy as a proportion of its investment in fossil-fuel energy. The disclosure, prepared at reasonable expense and excluding confidential information, should describe the Company’s methodology, including what it classifies as “low carbon” and “fossil fuel.” SUPPORTING STATEMENT:At Company discretion, the clean energy financing ratio should include all Berkshire’s material investment mechanisms, including debt, equity, and project finance. THE BOARD OF DIRECTORS UNANIMOUSLY FAV