BP supports call for greater reporting around Paris goals

BP will support a call from a group of institutional investors for the company to broaden its corporate reporting to describe how its strategy is consistent with the goals of the Paris Agreement.

Investor participants of the Climate Action 100+ initiative have proposed a resolution to be put to shareholders at the company’s annual general meeting in May 2019. Following constructive engagement between BP and the investors, the BP Board decided to support the proposed resolution.

In accordance with the proposed resolution, BP will describe how its strategy is consistent with the Paris goals, as well as setting out a range of additional related reporting. The process to formally submit the resolution is being finalised and BP intends to provide shareholders with a more detailed explanation of its support for the resolution in the notice of meeting ahead of the AGM.

Separately, BP also announced that greenhouse gas emissions reductions have now been included as a factor in the reward of 36,000 employees across the group and around the world, including executive directors.

“Meeting the world’s growing demands for energy while also greatly reducing emissions will require more than rapidly growing renewables – all forms of energy must be made cleaner, better and kinder to the planet. This is why our people are already in action across BP, seeking opportunities to reduce our emissions, improve our products and create new low carbon businesses,” said Bob Dudley, BP group chief executive.

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