The Church Commissioners and other investors have welcomed BP’s backing of their shareholder resolution on climate change.
The resolution, to be voted on at this year’s AGM this Spring, requires BP 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.