Climate love

Daniel Waweru

4 w

Bp Plc

Climate love


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BP faces rebel shareholders over new climate goals

The UK's major pension firms vote against BP's chair after the company cut its climate ambitions.

The energy business decreased its emissions goal by the end of the decade, forcing this decision.BP welcomed "constructive challenge and engagement" when five shareholder pension plans raised concerns about a "failure of governance" before Thursday's annual meeting.Shareholders targeted 35–40% greenhouse gas emission reduction by 2022.
BP trimmed 20-30% in February to improve oil and gas production and fossil fuel programs. BP CEO Bernard Looney said this was to address energy security concerns raised by the Ukraine invasion.Five pension funds told the BBC they voted against Helge Lund to protest the company's behavior. BP's pension funds own 1%. They administer about 30% of UK pensions, making them influential.Public pension fund Nest's senior responsible investment manager Katharina Lindmeier told the BBC, "Not only were we disappointed to see the company going back on the targets, but we were also really surprised not to have had any consultation."
The five pension funds—Nest, the Universities Pension Scheme, LGPS Central, Brunel Pension Partnership, and Border to Coast—oppose the additional criteria because BP's fossil fuel projects will lose value as the world progresses toward net zero emissions.After watching BBC's Under Poisoned Skies, Nest worried about BP's gas flaring mitigation efforts.BBC News reported that BP and other global oil companies failed not monitor gas flaring emissions at Iraqi oil sites. This releases carcinogens. The documentary featured Ali Hussein Julood's Rumaila, Iraq life. He thought flares caused infantile leukemia. Recurring sickness killed him on April 22.BP "was extremely concerned by the issues raised" in the show and is acting, according to the BBC.

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  • George Kariuki

    4 w

    Quite a strong and bold move.

    • Peter Kamau

      4 w

      That was so wise of BP.

      • Timothy Ndegwa

        4 w

        This is a bold move, hope this will result to a new dawn for BP in their climate action commitment.

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