1st Feb 2019 09:11
LONDON (Alliance News) - BP PLC on Friday said it will support investors who have called for greater transparency over how the company is to help meet climate change goals.
Investors from the Climate Action 100+ initiative, BP said, have proposed a resolution for its May annual general meeting calling for BP to describe how it will be the 2015 Paris Agreement.
BP is to support the motion, and will provide more information on how it is to meet goals set out in Paris four years ago.
Chair Helge Lund said: "BP is committed to helping solve the dual challenge of providing more energy with fewer emissions. We are determined to advance the energy transition while also growing shareholder value.
"We believe our strategy is consistent with the Paris goals. The additional reporting specified in the resolution will build on BP's history of progressive action in this area. We welcome the constructive engagement with Climate Action 100+ and, after careful consideration, have decided to support this resolution."
BP also said Friday reductions in greenhouse gas emissions have now been included in the rewards for its 36,000 employees, including executives.
"Meeting the world's growing demands for energy while also greatly reducing emissions will require more than rapidly growing renewables - all forms of energy must be made cleaner, better and kinder to the planet," said Chief Executive Bob Dudley.
"This is why our people are already in action across BP, seeking opportunities to reduce our emissions, improve our products and create new low carbon businesses."
BP shares were marginally lower on Friday at a price of 519.80 pence each.
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