Monday, 22 April, 2019

BP backs shareholder initiative on climate plan disclosure | AP business

BP to explain how business chimes with Paris climate deal BP to expand emissions disclosure on oil investments
Russell Knight | 03 February, 2019, 19:40

"Greenhouse gas emissions reductions have now been included as a factor in the reward of 36,000 employees across the group and around the world, including executive directors", the company said.

BP has bowed to pressure from investors, including the Church of England, by backing a plan to explain how its strategy and investments are consistent with the Paris climate agreement.

They said on February 1 that while the resolution leaves it up to BP to "set out the process and methodology" for its disclosures, "investors will be keen to ensure they are sufficiently robust and reliable".

While adopting that proposal, BP rejected a separate resolution from shareholders organized by the activist group Follow This that also demanded more transparent efforts to fight climate change including clearly set emission targets. We believe our strategy is consistent with the Paris goals, ' said Lund.

It said that the oil major will need to describe how its strategy is consistent with the climate change target that was set out in 2015.

BP Chairman Helge Lund says the company is "committed to helping solve the dual challenge of providing more energy with fewer emissions".

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BP has also agreed - as per Climate Action 100+'s recommendations - to develop a new sustainability reporting framework, outlining to investors how it is aiming to keep growing and stay profitable throughout the low-carbon transition.

To align with Paris, BP would have to diversify into clean energy production, shrink current investments in oil and gas development, or otherwise reduce its full range greenhouse gas emissions.

If the resolution is approved at the AGM, the company aims to introduce the changes into its reporting later this year. The resolution calls for the company to disclose "any" link between carbon targets and bonuses paid to BP's bosses.

Going forward, BP's adoption of the Climate Action 100+ recommendations may serve to boot its reputation among investors, green groups and the public; the Institutional Investors Group on Climate Change's (IIGCC) chief executive Stephanie Pfeifer, for example, welcomed the decision. To be aligned with Paris goals means adopting fundamental changes in the way business is done across the full scope of its activities - including reducing operational emissions, invested emissions, and product emissions. Over the past year, a large number of companies have claimed their operations are in line with Paris goals while only committing to reduce operational emissions.

BP today said it had decided not to support the Follow This resolution.

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