Climate warning

George Kariuki

3 w

Bp Plc

Climate warning

BP faces green protest over new climate goals

Some of the UK's biggest pension funds have voted against reappointing BP's chairman over a decision to weaken its climate plans, but the majority of shareholders backed Helge Lund.
It comes after the energy giant cut back its target to reduce emissions by the end of the decade.
As well as the dissenting votes there were also disruptions during the annual meeting from climate protestors.
BP said it valued "constructive challenge and engagement".
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The original target to reduce emissions was agreed by shareholders in 2022 and included a promise to cut greenhouse gas emissions by 35% to 40% by the end of this decade.
But in February, BP announced it was now aiming for a 20% to 30% cut so it could produce more oil and gas and extend the life of existing fossil fuel projects.
BP chief executive Bernard Looney said this was in response to increased concerns about energy security following the invasion of Ukraine.
The five pension funds told the BBC that their vote against the company's chairman, Helge Lund, was a protest against the company's actions.
The pension funds have £440m invested in BP, which represents less than 1% of the company's total shares. But they manage the pensions of more than a third of the UK's workers so are an influential voice.
Mr Lund received a majority of more than 90% for re-election during the annual meeting on Thursday.
Katharina Lindmeier, senior responsible investment manager at Nest, the government-backed pension fund, 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 - are concerned that the new targets put BP financially at risk because the company's fossil fuel projects are likely to lose value as the world moves towards net zero emissions.
Nest also told the BBC that there were concerns over BP's actions on reducing gas flaring, after seeing the BBC documentary Under Poisoned Skies.

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.

https://www.bbc.com/news/science-environment-65385834



The BBC News investigation showed that BP was one of several major oil companies not declaring emissions from gas flaring at oil fields in Iraq, which produces cancer-linked pollutants.

Do you agree?

8 more agrees trigger social media ads

  • Grace Njeri

    3 w

    Soo sad!

    5
    • ance Star

      3 w

      Very shocking

      8
      • Sarah Chabane

        3 w

        They deserve it

        11
        • Joseph Githinji

          3 w

          Totally disappointing

          12
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