Proactive Investors - BP PLC (LON:BP) is facing renewed pressure to bring its climate policies in line with 2015 Paris Agreement targets after lowering goals in February without stakeholder consent.
The FTSE 100-listed oil giant is facing calls from shareholders to cut carbon emissions in half by 2030 in a resolution set to be voted on at BP’s annual general meeting on Thursday, 27 April.
Investors including the National Employment Savings Trust, which manages 11mln workplace pensions, the Universities Superannuation Scheme and Border to Coast have already expressed support for the resolution tabled by campaigner Follow This.
Norway’s sovereign wealth fund, Norges Bank Investment Management, which owned a 2.73% stake in BP at the end of 2022, will vote against the move, meanwhile.
BP announced it would lower targets to cut indirect scope three emissions by 20% to 30% come 2030, down from between 35% and 40% earmarked before an update in February.
Despite claims stakeholders supported the move, Follow This raised concern that the previous targets had not met 2015 agreements to limit global warming to 1.5C.
“It will be a contentious meeting,” Follow This said in a statement.
“It is not too late to send […] a clear signal that all companies need to drive down emissions this decade.”
Investors are also poised to vote against chairman Helge Lund’s re-election at the meeting, in light of the watered-down climate targets and concern over bosses’ pay.
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