BP Agrees to Draft Climate Change Shareholder Resolution
March 27 2020 - 8:19AM
Dow Jones News
By Dieter Holger
BP PLC said Friday that it has agreed to draft a shareholder
resolution to be voted on next year that would enshrine its pledge
to reach carbon neutrality by 2050.
The British energy company said the resolution would address
BP's overall greenhouse-gas emissions from its operations to the
products it buys and sells and lay out how it would boost
investment in clean energy.
"Listening and engaging with stakeholders has been an essential
part of defining our net-zero ambition and aims," Chief Executive
Bernard Looney said in prepared remarks.
In February, the company became a rare example of an oil-and-gas
major pledging to reach net-zero emissions by 2050 in line with the
Paris Agreement, but was scant on details. It said Friday it would
provide more information at its upcoming capital markets day in
September and work on a possible resolution would follow.
BP said it would work on the shareholder proposal with Follow
This, a group of investors in oil-and-gas companies that push oil
majors to fall in line with the Paris Agreement. In response,
Follow This said it has withdrawn its climate change resolution
that would've been voted on this year by BP's shareholders.
"We believe that this goal will require a radical shift in BP's
spending away from fossil fuels to renewables," said Mark van Baal,
founder of Follow This. "We thank the investors that voted for our
climate resolution that encouraged this step in 2019."
Write to Dieter Holger at dieter.holger@wsj.com;
@dieterholger
(END) Dow Jones Newswires
March 27, 2020 08:04 ET (12:04 GMT)
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