BP today agreed to back a climate shareholder resolution at the company filed by institutional investors.

In response, Jeanne Martin, senior campaigns officer at ShareAction, said: “Investors have today sent the strongest signal yet to BP’s board that they will accept nothing less than a business model aligned with the goals of the Paris Agreement. While it’s encouraging that BP has chosen to support this resolution, ShareAction will continue to scrutinise the company’s capital expenditure decisions and climate commitments, particularly in light of its plans for significant new growth in the Gulf of Mexico.”

Under the resolution, BP would be required to set out:

• Its business strategy which it considers, in good faith, to be consistent with the goals of the Paris Agreement on climate change

• How the company evaluates the consistency of each new material capital investment with the goals of the Paris Agreement

• Related metrics and targets, consistent with the goals of the Paris Agreement, together with the anticipated levels of investment in oil and gas and other energy technologies; targets to promote operational greenhouse gas reductions; the estimated carbon intensity of energy products; and the linkage of its targets with executive remuneration.

Notes to editors:

  • For more information, please contact Beau O’Sullivan on beau.osullivan@shareaction.org or +44203 475 7859