BLOOMBERG UPDATE: BP “unable to agree the wording of a potential joint resolution [to] enable shareholders to show their support for BP’s net-zero ambition”
Dutch activist investor Follow This filed a climate resolution for BP Plc’s annual general meeting.
The resolution asks the London-based company to set and publish targets that are consistent with the goals of the 2015 Paris Agreement on climate change.
“BP was the first oil and gas company that accepted the support and asked Follow This for help in getting a shareholders’ mandate to drive the energy transition,” said Follow This founder Mark van Baal. “This climate resolution can deliver that mandate.”
In March, BP and Follow This announced they would team up to draft a climate resolution, marking a reversal from last year when the oil major said it would not support a motion by the group. The new resolution has taken BP’s input into account within “boundaries specified by the Paris climate agreement,” Van Baal said.
Van Baal has been a thorn in oil majors’ side since he began filing climate resolutions, first with Shell in 2016 and later with others such as BP and Equinor.