BP Backs Shareholder Call to Align its Strategy With Paris Climate Goals

BP will back a shareholder push for it to begin reporting on how its strategy fits with the Paris Agreement’s goals, the British oil and gas major said on Friday . The Climate Action 100+ group of more than 300 investors, who hold around $32 trillion in assets, plan to present the shareholder resolution at BP’s annual general meeting in May. The resolution would require BP to set out a business strategy that it considers, “in good faith,” to be in line with the Paris goals to limit global temperature rise to well below 2°C, and aim for 1.5°C. The company would also have to evaluate whether each new material capital investment is consistent with the climate agreement. And it would have to set out its anticipated levels of investment in oil, gas, and other energy technologies, its goals for reducing operational greenhouse gas emissions, the estimated carbon intensity of its energy products, and how its targets are linked to executive pay. If the resolution is approved at the meeting, it will be up to BP to provide additional corporate reporting for 2019, as well as the process and methodology for that reporting. “BP is committed to helping solve […]

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