Published: Sun, February 03, 2019
Money | By Ralph Mccoy

BP joins Shell in making plans to combat climate change

BP joins Shell in making plans to combat climate change

The corporation also pledged to link executive pay to how well the corporation has lessened greenhouse gases.

But BP urged investors to reject a tougher climate resolution brought by a Dutch shareholder activist group, which it said was too prescriptive.

Other efforts include incorporating descriptions of how it evaluates emissions impacts as part of decisions related to capital investment to explore and develop oil and gas projects.

BP will recommend that shareholders vote in favour of the resolution at its 2019 annual general meeting, saying its support followed "constructive engagement" with the asset owners and asset managers. "We believe our strategy is consistent with the Paris goals".

It said progress has been made towards this target, which has now been incorporated into the assessment of the company's performance that is a factor in determining annual bonuses for BP staff worldwide.

The oil giant has supported a resolution to explain how its strategy and investments are consistent with the Paris deal targets.

Helge Lund, BP's chairman, said: "The additional reporting specified in the resolution will build on BP's history of progressive action in this area".

BP has also agreed - as per Climate Action 100+'s recommendations - to develop a new sustainability reporting framework, outlining to investors how it is aiming to keep growing and stay profitable throughout the low-carbon transition.

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Shell, for example, said a year ago that it would start linking executive pay to short-term carbon emissions targets in 2020 after coming under pressure from shareholders including the Church of England.

Meanwhile, BP also said it would reward its 36,000 employees, including senior management, for efforts to reduce greenhouse gas emissions.

The resolution is the latest example of companies facing increased scrutiny from shareholders over climate change. "It's encouraging to see major companies such as BP moving in the right direction".

It is past time for oil and gas companies to adopt goals to reduce their full scope of emissions in line with Paris goals.

"BP today announced that it will report on how it is aligning its strategy with Paris goals".

However, the company has faced much criticism regarding the specifics of its AET strategy - or lack thereof.

The Climate Action 100+ initiative is a five-year movement led by investors to engage greenhouse gas emitting companies to help achieve the Paris Agreement. "We welcome the constructive engagement with Climate Action 100+ and, after careful consideration, have chose to support this resolution".

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