BP Backs Shareholder Climate Proposal

Storage tanks and wind turbines at BP's Rotterdam refinery in the Netherlands

The company will also link the pay of 36,000 employees to its climate change efforts.

Some of the members include Standard Life Aberdeen PLC, AXA Group, the Church of England Pensions Board, HSBC Global Asset Management, Investec Asset Management, Janus Henderson Investors, and UBS Asset Management.

The group writes in the resolution that action was needed because BP "has not yet demonstrated" that its strategy is consistent with the Paris goals.

The reporting will "build on BP's history of progressive action in this area", he said, promising transparency around the company's climate goals.

It said that the oil major will need to describe how its strategy is consistent with the climate change target that was set out in 2015.

BP has said that while it is prioritizing making its fuels more efficient for its customers, it can not commit to targets that go beyond its own operations. We are determined to advance the energy transition while also growing shareholder value, ' said Helge Lund, BP's chairman.

BP has agreed to broaden its disclosure on greenhouse gas emissions to show how it thinks future investments in oil and gas align with United Nations -backed climate goals, it said on Friday.

BP will advise shareholders to back the resolution at an AGM in May.

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A group of major European investors has secured the backing of BP for a shareholder resolution calling on the oil and gas major to do more to explain how its strategy is consistent with internationally-agreed climate change goals.

Shell provides an example of a company moving in the right direction toward alignment with Paris goals by setting a target to reduce the intensity of emissions from of its products (Scope 3).

Last year, the energy giant set a goal to reduce 3.5 million tonnes of emissions in its operations worldwide by 2025.

Shell, for example, said a year ago that it would start linking executive pay to short-term carbon emissions targets in 2020 after coming under pressure from shareholders including the Church of England.

Early in December Shell, having met with investors, chose to publish a number of steps which would align it to the goals of the Paris Agreement.

BP Chief Executive Officer Bob Dudley has repeatedly said that while the oil and gas sector needs to play a role in the transition to low carbon energy, it still needs to meet growing demand for fossil fuels, particularly in emerging economies.

However, the company has faced much criticism regarding the specifics of its AET strategy - or lack thereof.

BP will face a second, tougher, climate change resolution at its annual meeting.

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