Dec 9, 2018
Activist group targets BP over slow response to global warming
An activist shareholder group will target BP at the oil major's annual meeting next year over its slow response to global warming, escalating a campaign that has forced rival Royal Dutch Shell to commit to reducing its carbon emissions. Netherlands-based Follow This filed a shareholder resolution at BP this month, calling for the company to set hard targets for cutting carbon emissions in line with the Paris climate agreement, including emissions of third parties, such as cars that burn BP's petrol and diesel. Shell last week told the Financial Times it would set firm short-term targets to reduce its carbon emissions - that include its consumers - and link these to pay from 2020. BP has already outlined targets for reducing carbon emissions from its own processes, but crucially these did not include those from its customers, a key request of Follow This. Adam Matthews, director of ethics and engagement at the Church of England Pensions Board, said Shell had shown that it was possible for "For oil and gas companies to work constructively with investors" to secure emissions targets.
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