Economy

BP to come clean on climate pledges

According to a Financial Times report, BP likely did not accept the Follow This resolution as it had previously said that third-party emissions are out of the control of energy companies.

The company said Friday that it would support a resolution from activist investors that calls on BP to align its goals with the 2015 Paris Agreement, which aims to keep global warming "well below" 2 degrees Celsius.

That includes exploration projects, acquisitions, technological investments and the development of existing oil and gas fields.

The BP announcement was made alongside the investor group Climate Action 100+, which has been pressuring some of the largest carbon emitters in the world to take responsibility for limiting climate change.

Shell, for example, said previous year that it would start linking executive pay to short-term carbon emissions targets in 2020 after coming under pressure from shareholders including the Church of England.

It seems that BP, the energy giant, has bowed to the intensifying pressure from investors, including the Church of England as the company announces that will get behind a shareholder effort which would require the company to work towards the objectives of the Paris climate change agreement.

BP also said that in the future, reductions in greenhouse gas emissions would be a factor in determining compensation for 36,000 employees, including senior managers.

The move from BP builds on the firm's Advancing the Energy Transition (AET) strategy, which has a headline aim of generating reductions of 3.5m tonnes of Carbon dioxide equivalent annually throughout the businesses by 2025. "We believe our strategy is consistent with the Paris goals".

He said that the reporting will "build on BP's history of progressive action in this area".

However, the company has faced much criticism regarding the specifics of its AET strategy - or lack thereof.

BP's AGM will also see investors asked to vote on another shareholder resolution, submitted by shareholders organised by the Dutch campaign group Follow This.

BP Chief Executive Officer Bob Dudley has repeatedly said that while the oil and gas sector needs to play a role in the transition to low carbon energy, it still needs to meet growing demand for fossil fuels, particularly in emerging economies.

"Investors are helping ensure climate change is firmly on the boardroom agenda, which is especially important for the oil and gas sector", Pfeifer said.



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