• 3 minutes Electric cars may make driving too expensive for middle classes, warns Vauxhall chief
  • 6 minutes Natural gas mobility for heavy duty trucks
  • 12 minutes Colonial pipeline hack
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 23 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 27 mins Texas Power Outage Danger Until June 18th. Texans told to conserve energy!
  • 5 mins Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 1 day Federal Judge Says Biden Probably Wrong for Halting Drilling on Federal Land
  • 2 days And now, hybrid electric locomotives...
Oil Markets Baffled As The IEA Calls For More Production

Oil Markets Baffled As The IEA Calls For More Production

After the already notorious publication…

Oman Is Vital To Iran And China’s Energy Agenda

Oman Is Vital To Iran And China’s Energy Agenda

Oman has been facing serious…

BP Shareholders Reject Emission-Cutting Resolution

The majority of BP shareholders voted against a resolution filed by Dutch activist investor group Follow This that demanded the supermajor increase its emissions-cutting commitments.

Some 80 percent voted against the resolution. Follow This and others noted, however, that the 20.7 percent that did vote in favor of the new targets was double the support that a similar resolution received last year.

“Once again, responsible investors have given a clear signal to the Board of BP,” said Follow This’ Mark van Baal, who filed the resolution. “They’re saying we do not accept empty promises for the distant future anymore, we need you to act now.”

According to the activist shareholder group, BP’s business plans involve an increase in emissions by 2030, despite the fact that it has pledged to reduce oil production by 40 percent and committed to investing a lot more in renewable energy.

“In 2019, 8% compelled BP to set emission reduction ambitions for its product (Scope 3). Today’s 21% will hopefully compel BP to advance these ambitions to Paris-consistent emission reduction targets and - consequently - shift investment away from fossil fuels to renewables,” Follow This also said in a press release following the vote.

“We will continue to engage with shareholders on our strategy, targets and aims so as to ensure their views are fully understood,” BP said, as quoted by City A.M., after the meeting, with chief executive Bernard Looney noting, “There is no single path to Paris, and there is no single metric that measures Paris consistency.”

According to BP, if the Follow This resolution was approved by a majority of shareholders, that would have disrupted the company’s business plans and force it “to go back to the drawing board.”

Follow This agreed: “This is exactly what shareholders should request of BP by voting in favour of resolution 13: BP should go back to the drawing board and disrupt its current business plans which involve an increase in emissions.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News