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BP supports Climate Action 100+ investor call to align its business strategy with the goals of the Paris Agreement

1st February 2019

Climate Action 100+ signatory investors propose far-reaching shareholder resolution at global oil and gas major BP

Climate Action 100+ signatory investors have proposed a far-reaching shareholder resolution at global oil and gas major BP. It commits the company to working to a business strategy consistent with the goals of the Paris Agreement. BP’s Board of Directors is recommending its shareholders support the resolution. See the announcement from investors here.

Members of the global Climate Action 100+ Steering Committee released the following comments:

“Climate change poses risks and opportunities for investors, companies, workers and their communities who have a shared interest in urgent and bold action to fulfill the Paris Agreement goals,” said Anne Simpson, Climate Action 100+ global Steering Committee chair, and CalPERS Director of Board Governance and Strategy. “BP’s spirit of partnership with its share owners shows that real progress is possible, and it is necessary. We applaud this important step towards a sustainable future.”

“We are encouraged that BP will take this positive step to align its business strategy with the goals of the Paris Agreement,” said Mindy Lubber, Climate Action 100+ global Steering Committee vice chair, and Ceres CEO and President. “Going forward, investors will expect full and transparent disclosure, and will hold the board and company executives accountable for BP’s progress against this critical commitment.”

“This is a welcome step by BP, which will hopefully lead to more action on climate change by others in the oil and gas sector,” said Emma Herd, a member of the global Climate Action 100+ Steering Committee and CEO, Investor Group on Climate (IGCC). “Investors will continue to work with BP to ensure that its actions are in line with the goals of the Paris Agreement.”

“It is vital that companies align their business strategies to the goals of the Paris Agreement if we are to have any hope of keeping emissions below two degrees,” said Fiona Reynolds, a member of the global Climate Action 100+ Steering Committee and CEO of the Principles for Responsible Investment (PRI). “While we are pleased to see this action from BP, we need other players in the oil and gas sector to follow suit and we need investors to keep the pressure on companies to do so.”

“Investors are helping to ensure climate change is firmly on the boardroom agenda, which is especially important for the oil and gas sector,” said Stephanie Pfeifer, a member of the global Climate Action 100+ Steering Committee and CEO, Institutional Investors Group on Climate Change (IIGCC). “It’s encouraging to see major companies such as BP moving in the right direction. Global carbon emissions need to be reduced urgently and investors expect other companies in the sector to follow suit.”

“Sustained, coordinated global investor engagement is one of the most effective tools to tackle the world’s greatest challenge, and Climate Action 100+ is an important part of the process to ensure that investors continue to stay engaged with the world’s largest corporate greenhouse gas emitters, and hold them accountable on their efforts to help solve climate change,” said Rebecca Mikula-Wright, a member of the global Climate Action 100+ Steering Committee and Director, Asia Investor Group on Climate Change.


ABOUT CLIMATE ACTION 100+

Climate Action 100+ is an investor initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. More than 450 investors with more than $40 trillion in assets collectively under management are engaging companies on improving governance, curbing emissions and strengthening climate-related financial disclosures. The companies include 100 ‘systemically important emitters’, accounting for two-thirds of annual global industrial emissions, alongside more than 60 others with significant opportunity to drive the clean energy transition.

Launched in December 2017, Climate Action 100+ is coordinated by five partner organisations: Asia Investor Group on Climate Change (AIGCC); Ceres (Ceres); Investor Group on Climate Change (IGCC); Institutional Investors Group on Climate Change (IIGCC) and Principles for Responsible Investment (PRI). These organisations, along with five investor representatives from AustralianSuper, California Public Employees’ Retirement System (CalPERS), HSBC Global Asset Management, Ircantec and Sumitomo Mitsui Trust Asset Management, form the global Steering Committee for the initiative. Follow us on Twitter: @ActOnClimate100.