Economy

BP to Expand Emissions Disclosure

BP to Expand Emissions Disclosure

Meanwhile, BP will give bonuses to employees, including senior management, for efforts to reduce greenhouse gas emissions.

BP has agreed to come clean on how its corporate strategy matches its pledge to meet the Paris climate change agreement.

A large group of investors, including Aviva, Hermes, Legal & General and the Church of England's investment fund, have been pressuring BP and other oil groups on the issue for several years.

BP will recommend that shareholders vote in favour of the resolution at its 2019 annual general meeting, saying its support followed "constructive engagement" with the asset owners and asset managers.

Based on BP's current disclosures it was not possible to evaluate the extent to which the company's investments in fossil fuel reserves or resources were consistent with the Paris goals, they added. "The additional reporting specified in the resolution will build on BP's history of progressive action in this area".

"Investors are helping ensure climate change is firmly on the boardroom agenda, which is especially important for the oil and gas sector", Stephanie Pfeifer, a member of the global Climate Action 100+ steering committee and a former Deutsche Bank economist, said.

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.

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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.

If the resolution is approved at the AGM, the company aims to introduce the changes into its reporting later this year.

"Investors remain concerned that [BP] has not yet demonstrated that its strategy, which includes growth in oil and gas as well as pursuing low carbon businesses, is consistent with the Paris goals", Climate Action 100+ said in a statement.

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

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).

"Building on last December's announcement of steps Shell will take to advance the Paris climate agreement, BP's response ups the pressure on ExxonMobil and Chevron, whose 2018 climate risk reports assumed the world will continue to burn oil and gas at a rate that would blow past the Paris agreement's global temperature targets".

BP today said it had decided not to support the Follow This resolution.


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