Company: BRK-A
Filing Date: 2025-03-25
Form Type: PX14A6G
Source: 0001214659-25-004756
Chunk: 3

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-03-25
Form: PX14A6G
Chunk 3
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-insurance-as-two-more-insurers-exit-california/

https://ww3.lawschool.cornell.edu/research/JLPP/upload/Steele-final.pdf

https://investinginclimatechaos.org/data

https://interactive.web.insurance.ca.gov/apex_extprd/f?p=250:40:16374315235923::NO

https://www.budget.senate.gov/imo/media/doc/Budget%20Committee%20Letters%20to%20Insurance%20Companies.pdf

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| 2025                                                 
 Proxy Memo                                           
 Berkshire                                            
 Hathaway Inc | Disclose Clean Energy Financing Ratio |

The International Energy Agency (IEA) projects that reaching net zero
by 2050 will require a tripling in global annual clean energy investment by 2030. In particular, BloombergNEF concludes that achieving
net zero emissions will require a minimum global financing ratio of 4:1 investment in low-carbon energy to fossil fuels of by 2030.
This ratio, known as a Clean Energy Financing ratio, allows companies heavily invested in energy to take advantage of opportunities created
by the energy transition and reduce exposure to the risks associated with fossil fuel investments. Such a financing ratio also reduces
Berkshire’s contribution to climate change emissions, helping to limiting future catastrophe losses and insurance coverage withdrawals,
allowing Berkshire to join other financial companies in measuring and disclosing a Clean Energy Financing Ratio.

Disclosure of Berkshire’s Clean Energy Financing Ratio will indicate
to investors whether Berkshire is decreasing its contribution to climate change by investing in alignment with Paris climate goals or
continuing to contribute to growing climate risk.

RATIONALE FOR A YES
VOTE

| 1. | Berkshire Hathaway’s investment in high-emitting industries increases financial risk to the Company and to investor portfolios. |

| 2. | Berkshire Hathaway’s failure to disclose the proportion of its investments that lie in high-risk fossil fuel energy versus 
 low-carbon energy obfuscates investors’ ability to assess the Company’s climate risk and impact.                           |

| 3. | Berkshire Hathaway lags peers in disclosing and addressing the climate impact of its investment activities. |

DISCUSSION

| 1. | Berkshire Hathaway’s investment in high-emitting industries increases financial risk to the Company and to investor portfolios. |

Berkshire’s investment portfolio includes nearly $96 billion
in fossil fuel-related equities and bonds and the Company’s insurance arm holds over $20.9 billion in fossil-fuel related