Apr 27, 2023

BP faces rebel shareholders over new climate goals

Some of the UK's biggest pension funds are to vote against reappointing BP's chairman over a decision to weaken its climate plans. The five pension funds - Nest, the Universities Pension Scheme, LGPS Central, Brunel Pension Partnership and Border to Coast - are concerned that the new targets put BP financially at risk as the company's fossil fuel projects are likely to lose value as the world moves towards net zero emissions. The BBC News investigation showed that BP was one of several major oil companies not declaring emissions from gas flaring at oil fields in Iraq, which produces cancer-linked pollutants. The pension funds told the BBC they only found out about the change in BP's climate targets via media reports. They then approached BP to ask for a vote on the new targets but BP refused, arguing it was not a material change to the strategy.

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