We would love to hear your thoughts about our site and services, please take our survey here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 506.50
Bid: 506.50
Ask: 506.60
Change: -5.90 (-1.15%)
Spread: 0.10 (0.02%)
Open: 510.80
High: 514.30
Low: 505.80
Prev. Close: 512.40
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

BP targeted with first shareholder resolution on climate goals

Mon, 10th Dec 2018 00:00

* Follow This tables resolution with BP and Shell

* Organisation says might also target Exxon, Chevron

* Resolution calls for reduction targets for all emissions

By Ron Bousso

LONDON, Dec 10 (Reuters) - Pressure on oil companies totackle climate change is growing after an activist group for thefirst time filed a shareholder resolution urging BP toset hard targets for reducing overall carbon emissions.

Follow This, a Dutch organisation that spearheaded a numberof climate shareholder resolutions at Royal Dutch Shell'sAGMs over the past three years said it also filed onewith the Anglo-Dutch company for 2019.

It also plans to file a resolution with U.S. rivals ExxonMobil and Chevron "unless other parties file asimilar resolution," it said in a statement.

The 2019 resolution calls on the companies to set andpublish targets for the reduction of carbon emissions in linewith the 2015 Paris Climate Accords to limit global warming to 2degrees Celsius by the end of the century.

The targets should include emissions from the drilling andrefining operations as well as for the burning of fuels andproducts such as plastics which are sold to millions ofcustomers around the world, known as Scope 3 emissions.

BP CEO Bob Dudley has repeatedly opposed setting targets forScope 3 emission reduction.

It calls on the companies to set clear metrics to measuregreenhouse gas emissions and disclose information on progress.

"Targets should be on the agenda of every oil company, giventhat the oil industry can make or break the Paris ClimateAgreement," said Follow This founder Mark van Baal.

BP and Shell confirmed the resolutions had been filed.

BP "will consider the resolution carefully and make aresponse and recommendation to our shareholders as part of ourNotice of Meeting prior to the AGM," a spokesman said.

A Shell spokeswoman said the Follow This resolution was"unnecessary" after the company last week announced plans to setsector-leading emission targets that will be linked to executivepay and include Scope 3 emissions.

The announcement, which followed extensive discussions withinvestors, marked a reversal for Chief Executive Officer Ben vanBeurden who had previously opposed setting targets.

"We are planning short-term targets for the net carbonfootprint of our energy products. This will allow us todemonstrate clear progress towards our long-term ambition inthis area," Shell said.

Shell's board has consistently opposed the Follow Thisresolutions which were voted down with less than 6.34 percent ofthe vote since 2015.

In the 2018 AGM, the discussion around the resolutionhowever led to a heated debate between van Beurden and van Baal.

BP earlier this year announced plans to keep emissions flatover the decade to 2025, which are nevertheless limited to itsown operations.

BP has faced several shareholder resolutions in the pastfocused mostly on emissions disclosure.(Reporting by Ron Bousso; editing by David Evans)

More News
18 Apr 2024 14:45

BP's gas and renewables boss steps down, as CEO shrinks leadership

LONDON, April 18 (Reuters) - BP said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure.

Read more
18 Apr 2024 14:12

UK shareholder meetings calendar - next 7 days

Friday 19 April 
Murray International Trust PLCAGM
Quantum Exponential Group PLCGM re delisting or potential investment in company
Monday 22 April 
Renalytix PLCGM
Travis Perkins PLCAGM
Tuesday 23 April 
AIQ LtdAGM
NatWest Group PLCAGM
Taylor Wimpey PLCAGM
Wednesday 24 April 
abrdn PLCAGM
abrdn Equity Income Trust PLCAGM
AssetCo PLCAGM
Breedon Group PLCAGM
British American Tobacco PLCAGM
Bunzl PLCAGM
Coro Energy PLCAGM
Croda International PLCAGM
Entain PLCAGM
Greencoat UK Wind PLCAGM
Primary Health Properties PLCAGM
Serco Group PLCAGM
Synectics PLCAGM
Thursday 25 April 
AFC Energy PLCAGM
Admiral Group PLCAGM
Beazley PLCAGM
BP PLCAGM
CLS Holdings PLCAGM
CRH PLCAGM
Dalata Hotel Group PLCAGM
Develop North PLCAGM
Drax Group PLCAGM
Everest Global PLCAGM
Greencoat Renewables PLCAGM
Hammerson PLCAGM
Helios Towers PLCAGM
Hikma Pharmaceuticals PLCAGM
International Biotechnology Trust PLCAGM
London Stock Exchange Group PLCAGM
Manx Financial Group PLCAGM
Mattioli Woods PLCGM re Pollen Street Capital Ltd takeover
Persimmon PLCAGM
Premier Miton Global Renewables Trust PLCAGM
Relx PLCAGM
Schroders PLCAGM
Smithson Investment Trust PLCAGM
Tissue Regenix Group PLCAGM
Weir Group PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
18 Apr 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

(Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks.

Read more
18 Apr 2024 09:04

IN BRIEF: BP trims executive team in operational restructuring

BP PLC - London-based oil and gas major - Announces organisational restructuring. Intends to keep its three businesses - production & operations, gas & low carbon energy and customers & products - enabled by trading & shipping. Plans to integrate the current regions, corporates & solutions organisation into the businesses and functions. BP will now be supported by five functions: finance; technology; strategy, sustainability & ventures; people & culture; and legal. BP explains these changes will "reduce duplication and reporting line complexity".

Read more
18 Apr 2024 08:11

BP cuts size of executive team, shakes up structure

(Sharecast News) - BP has trimmed its executive team as part of a shake-up of its organisational structure, it was confirmed on Thursday.

Read more
17 Apr 2024 18:58

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, that called on the energy company to set tighter climate targets.

Read more
17 Apr 2024 17:36

Sustainable Finance Newsletter - Republican AGs look to limit climate groups

April 17 (Reuters) - In prior newsletters I have reported on the ongoing review by U.S. energy regulators of top asset managers' big utility holdings.

Read more
17 Apr 2024 13:55

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, urging the energy company to set tighter climate targets.

Read more
17 Apr 2024 10:38

Carbon Done Right advances Sierra Leone rewilding project

(Alliance News) - Carbon Done Right Developments Inc on Wednesday said it has received the fourth disbursement of financing for its reforestation project in West Africa.

Read more
15 Apr 2024 17:10

LONDON MARKET CLOSE: Investors show nerves after Iran launches drones

(Alliance News) - Stock prices in London closed down on Monday, as tensions in the Middle East weighed on investors, with resources sliding as commodity prices fell.

Read more
15 Apr 2024 15:39

London close: Stocks slip on renewed geopolitical tensions

(Sharecast News) - London's equity markets markets experienced a downturn on Monday, with losses particularly notable in the mining and oil sectors, as investors remained cautious amid to escalating geopolitical tensions in the Middle East.

Read more
15 Apr 2024 11:56

LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.

Read more
15 Apr 2024 08:59

LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

(Alliance News) - Stock prices in London opened lower on Monday, with a decline in oil prices sending Shell and BP lower, in a cautious start to the week following Iran's strikes on Israel over the weekend.

Read more
13 Apr 2024 16:52

Sector movers: Investors seek out safe havens across all asset classes

(Sharecast News) - Commodity plays were again sought out at the end of the week after The Wall Street Journal said that an Iranian attack against Israel was thought to be imminent.

Read more
12 Apr 2024 17:28

FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

*

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.