BP shareholders reject proposals to reduce climate emissions

The Independent – Just 21% in favour of resolution by activist investors proposing tougher emissions targets.

BP shareholders have voted down proposals for tougher emissions targets, which aims to limit global warming to well below 2C compared to pre-industrial levels.

Eighty per cent voted against the measure, which wanted the oil giant to set short-and long-term targets on emissions and its use of energy products. The board had urged shareholders to vote against the proposals, which were put forward by Follow This, an activist investor.

Despite the majority voting against the resolution at Wednesday’s AGM, Mark van Baal from the Dutch climate group said “responsible investors” had “given a clear signal” to the company’s board.

“They’re saying we do not accept empty promises for the distant future anymore, we need you to act now.”

He said on Wednesday: “In 2019, 8 per cent compelled BP to set emission reduction ambitions for its product. “Today’s 21 per cent will hopefully compel BP to advance these ambitions to Paris-consistent emission reduction targets and – consequently – shift investment away from fossil fuels to renewables.”

“Oil major boards rarely take the initiative to move on their own. The shareholders have to compel them to set targets, and have to support them to attain these targets.”

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