"BP shareholders reject emission-cutting resolution"

" \n The majority of BP shareholders voted against a resolution filed by Dutch activist investor group Follow This that demanded the supermajor increase its emissions-cutting commitments. \n \n\n \n Some 80 percent voted against the resolution. Follow This and others noted, however, that the 20.7 percent that did vote in favor of the new targets was double the support that a similar resolution received last year. \n \n\n \n \u201cOnce again, responsible investors have given a clear signal to the Board of BP,\u201d said Follow This\u2019 Mark van Baal, who filed the resolution. \u201cThey\u2019re saying we do not accept empty promises for the distant future anymore, we need you to act now.\u201d \n \n\n \n According to the activist shareholder group, BP\u2019s business plans involve an increase in emissions by 2030, despite the fact that it has pledged to reduce oil production by 40 percent and committed to investing a lot more in renewable energy. \n \n\n \n \u201cIn 2019, 8% compelled BP to set emission reduction ambitions for its product (Scope 3). Today\u2019s 21% will hopefully compel BP to advance these ambitions to Paris-consistent emission reduction targets and - consequently - shift investment away from fossil fuels to renewables,\u201d Follow This also said in a press release following the vote. \n \n\n \n \u201cWe will continue to engage with shareholders on our strategy, targets and aims so as to ensure their views are fully understood,\u201d BP said , as quoted by City A.M., after the meeting, with chief executive Bernard Looney noting, \u201cThere is no single path to Paris, and there is no single metric that measures Paris consistency.\u201d \n \n\n \n According to BP, if the Follow This resolution was approved by a majority of shareholders, that would have disrupted the company\u2019s business plans and force it \u201cto go back to the drawing board.\u201d \n \n\n \n Follow This agreed: \u201cThis is exactly what shareholders should request of BP by voting in favour of resolution 13: BP should go back to the drawing board and disrupt its current business plans which involve an increase in emissions.\u201d \n "

"BP shareholders reject emission-cutting resolution"

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