NVDA PX14A6G — Smart Summary

The Green Century Equity Fund, managed by Green Century Capital Management, Inc., filed this exempt solicitation urging shareholders of NVIDIA Corporation (NVDA) to vote FOR Shareholder Proposal No. 7 at NVIDIA's 2026 annual meeting. The proposal requests that NVIDIA issue a report disclosing the greenhouse gas (GHG) emissions from the use of its sold products. The filer argues that NVIDIA's current climate disclosures are insufficient, that the company lags peers competitively, and that failure to disclose exposes NVIDIA to reputational, competitive, and investor risks.

• Filer identity and ownership — The Green Century Equity Fund, advised by Green Century Capital Management, Inc., located at 114 State St. Suite 200, Boston, MA 02109, holds in excess of $5 million in shares of NVIDIA Corporation in funds under management.
• Subject company — NVIDIA Corporation (NVDA); the proposal appears as Shareholder Proposal No. 7 on NVIDIA's 2026 proxy statement.
• Data center and AI emissions context — In 2023, data centers accounted for 4.4% of annual U.S. electricity consumption, projected to rise to 12% by 2028. Globally, data centers' energy use is forecast to grow nearly 15% per year from 2024 to 2030, four times faster than all other sectors. Coal and natural gas may meet over 40% of additional electricity demand from data centers until 2030, and AI growth is expected to emit an additional 24 to 44 million metric tons of carbon dioxide by 2030.
• Macroeconomic climate risk context — Climate change has cut U.S. incomes by nearly 12% since 2000. Emissions from the U.S. alone have caused over $10 trillion in global economic damages since 1990. With 3°C of temperature rise expected by 2050, global reductions in output, capital, and consumption could exceed 50%. A study estimated company-level risk to fixed asset value will result in $560–$610 billion in yearly losses by 2035 for listed companies; for technology companies, intensifying climate hazards are expected to raise annual data center costs $81 billion by 2035.

• Proposal No. 7 — Greenhouse Gas Emissions Disclosure — FOR; shareholders request that NVIDIA issue a report, at reasonable cost and omitting proprietary information, disclosing the GHG emissions from use of its sold products, including disclosing major emission sources, considering GHG disclosure guidance, reporting based on reasonable annual estimates with timelines, and outlining whether and how the company plans to achieve absolute emissions reductions.

• Failure to meet investor expectations — NVIDIA does not report absolute emissions from use of its sold products and fails to commit to a timeline for future disclosure, despite having a goal to reduce emissions intensity from use of sold GPU products by 75% per PFLOP by FY30. NVIDIA's reported Scope 3 emissions nearly doubled between fiscal years 2024 and 2025. A Boston Consulting Group study found use of sold products accounts for 63% of a semiconductor's total emissions and 99% of overall Scope 3 supply-chain emissions; Intel and AMD reported use of sold products comprising 52% and 77% of their total carbon footprints, respectively.
• Investor demand for climate disclosure — A PwC 2024 survey found 75% of respondents would moderately or significantly increase investment in companies taking climate-related actions; 64% urged companies to moderately or significantly increase investment to reduce carbon emissions. A survey of institutional asset owners and managers averaging above $250 million found 93% believe climate-related risks are likely to affect investment performance over the next two to five years. An MSCI survey found 88% of investors in North America and Europe analyze the emissions of their investments.
• Competitive risk — NVIDIA controls approximately 90% of the market for semiconductors powering energy-intensive AI and data center projects, and in the three months ended January 2026, sales of its chips for AI data centers rose 71%. AMD discloses downstream emissions from 2022 to 2024 and reports near- and long-term actions; Intel began reporting emissions from product energy usage in 2020 and has published 2024 and 2025 climate transition plans; Huawei discloses use of sold products emissions for which it has reliable data. A 2025 Bain & Company survey found 49% of companies are buying more from sustainable suppliers and 49% expect to leave suppliers not meeting sustainability criteria by 2028.
• Major customer climate commitments create supply chain pressure — Amazon aims for net-zero carbon by 2040 with supplier engagement as a key strategy; Google has a goal for net-zero emissions by 2030; Meta has a goal for net-zero emissions across its value chain in 2030; Oracle committed to net-zero by 2050 and halving emissions by 2030. A 2024 CDP study found companies estimate $162 billion in potential financial costs tied to supply chain climate-related risks.
• Reputational risk — NVIDIA received negative press due to a report ranking the company last on AI supply chain decarbonization. The proportion of U.S. voters who strongly oppose data center development grew by 50% between late 2025 and early 2026. A 2026 Pew Research Center study found more Americans say data centers have a negative effect on the environment, home energy costs, and quality of life than a positive effect. Around 4 in 10 U.S. adults are 'extremely' or 'very' concerned about the environmental impacts of AI. Between March and June 2025, community opposition led to $98 billion in data center projects being blocked or delayed; at least 20 proposed data center projects accounting for more than $41.7 billion in investment were canceled in the first three months of 2026; as of April 2026, ten states have proposed temporary bans on data center construction.
• NVIDIA's own disclosures acknowledge climate risk — NVIDIA's 10-K states 'climate change may have an increasingly adverse impact on our business,' identifies 'scrutiny from shareholders, regulators and others regarding our corporate sustainability practices' as a specific climate-related risk, acknowledges that 'our business could be negatively impacted by concerns around the high absolute energy requirements of our GPUs,' and notes that 'we may not achieve our stated sustainability-related goals, which could harm our reputation.' NVIDIA's 2025 sustainability report acknowledges that 'reducing energy and emissions per computation represents NVIDIA's biggest opportunity to reduce emissions and to support global sustainability efforts.' NVIDIA's annual report from February 2026 removed prior information on its climate strategy, including a section entitled 'sustainability and governance.'