BP Exits Three U.S. Petroleum Trade Groups Over Climate Discrepancies

Date : 02/26/2020 @ 1:52PM
Source : Dow Jones News
Stock : BP Plc (BP)
Quote : 24.325  -1.705 (-6.55%) @ 6:37PM

BP Exits Three U.S. Petroleum Trade Groups Over Climate Discrepancies

BP (NYSE:BP)
Historical Stock Chart

2 Months : From Feb 2020 to Apr 2020

Click Here for more BP Charts.

By Maitane Sardon

 

BP PLC said Wednesday that it won't renew its membership in three U.S. petroleum trade associations over misalignment with climate-related policies.

The move comes after Chief Executive Bernard Looney announced in early February the U.K. oil major's plan to transform into a net-zero carbon emissions company by 2050 or earlier.

BP said it will leave the Western States Petroleum Association, the Western Energy Alliance and the American Fuel and Petrochemical Manufacturers, the country's main refining lobby. The AFPM has come under fire from environmentalists for lobbying against climate change regulation in the U.S., campaigning for the U.S. to withdraw from the 2016 Paris Agreement and urging senators to reject the Green New Deal last year.

"BP will pursue opportunities to work with organizations who share our ambitious and progressive approach to the energy transition and when differences arise we will be transparent, but if our views cannot be reconciled, we will be prepared to part company," Mr. Looney said.

The company said it has reviewed its membership to thirty associations and has identified a further five with which it is only partially aligned on climate, adding that it has communicated these differences to them.

BP follows oil-major Royal Dutch Shell PLC, which cut ties with the AFPM in 2019. According to research by a coalition of nonprofits including Corporate Europe Observatory and Friends of the Earth Europe, the five biggest oil-and-gas companies--BP, Shell, Chevron Corp., Exxon Mobil Corp. and Total SA--and their industry bodies spent 123 million euros ($134 million) lobbying the European Union over climate policies between 2010 and 2018.

 

Write to Maitane Sardon at maitane.sardon@wsj.com

 

(END) Dow Jones Newswires

February 26, 2020 08:37 ET (13:37 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Latest BP Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.