BP shareholders vote to adopt climate resolution

AT BP’s annual general meeting overnight, shareholders overwhelmingly voted in favour of a climate resolution which will require the company to meet the 2015 Paris Climate Agreement.
BP shareholders vote to adopt climate resolution BP shareholders vote to adopt climate resolution BP shareholders vote to adopt climate resolution BP shareholders vote to adopt climate resolution BP shareholders vote to adopt climate resolution
 
The binding resolution was filed by environmental investor group Climate Action 100+ and won 99.14% of shareholder support, requiring the company to now set out a business strategy consistent with the goals of the Paris Agreement on climate change. 
 
The resolution also requires BP to evaluate the "consistency of each new material capital investment with the goals of the Paris Agreement." 
 
"The scale of support for the Climate Action 100+ resolution sends a clear message that investors expect companies to act on climate change," Climate Action 100+ CEO Stephanie Pfeifer said. 
 
"With this resolution passed, BP is now legally bound to set out a strategy to ensure it is aligned with the goals of the Paris Agreement. The company believe they already meet this objective, so it's now down to them to show this is the case." 
 
BP's executive board voted in favour of the motion having agreed in February to allow the resolution to pass. 
 
The resolution came as Greenpeace activists climbed the roof of BP headquarters and created blockades using shipping containers to stop management from entering the building, in protest of BP's climate goals and global warming more generally. 
 
The activists were eventually arrested by the police and removed from the area.
 
Despite the earlier arrests, another group of 30 more campaigners gathered outside the exhibition and conference centre where the AGM was held to disrupt proceedings. 
 
This month climate activist shareholders and protests dominated many oil and gas AGMs - with Santos' meeting question time focussed on environmental concerns and a motion from the Australasian Centre for Corporate Responsibility which was inevitably voted down. 
 
Norwegian oiler Equinor also had to manage ongoing protests during its AGM and faced a motion filed by a consortium of groups including Greenpeace and the World Wildlife Fund which if passed would have forced the oil giant to abandon its plans to drill in the Great Australian Bight. 
 
 
 

topics

loader