BP and shareholder group Follow This today announce that they have agreed to work together with a view to preparing a shareholder resolution for BP’s Annual General Meeting in 2021. This would offer shareholders the opportunity to support BP’s net zero ambition and aims – including for scope 1, 2, and 3 emissions and for increasing the proportion of its investment that goes into non-oil and gas businesses – in support of the goals of the Paris Climate Agreement. Following BP’s new ambition and this agreement, Follow This has now withdrawn the resolution submitted for BP’s AGM in May 2020.
BP introduced its ambition and supporting aims in February 2020 and expects to set out more detail on its near- and medium-term plans in a capital markets day planned for September. Work on a possible 2021 resolution would begin after that, and shareholders would be able to take this further detail into account when considering any such resolution at the 2021 AGM.
BP chief executive Bernard Looney said: “Engagement with Follow This and their supporting investors has been immensely valuable. Listening and engaging with stakeholders has been an essential part of defining our net zero ambition and aims. It has helped us better understand their expectations and to develop a path we believe is consistent with the Paris goals. Importantly, this path includes aims for scope 3 emissions as well as for scope 1 and 2 and the many other ways we believe we can help the world get to net zero. Continuing our engagement, and bringing our investor base with us, remains critical as we now develop our strategy to pursue our ambition.”
Mark van Baal, founder of Follow This, said: “We support BP’s goal to decrease the emissions from its own energy products (scope 3) to net zero by 2050. We believe that this goal will require a radical shift in BP's spending away from fossil fuels to renewables. We thank the investors that voted for our climate resolution that encouraged this step in 2019.
“The oil industry can make or break the Paris Climate Agreement. We expect that the first oil major to rapidly scale the energy transition to renewables will be rewarded by shareholders and customers, and that other oil majors will follow.
“To date, BP is the first oil major to acknowledge the imperative of shareholder support to drive the energy transition which the world urgently needs. We look forward to working with BP on a climate resolution.”
BP press office, London: +44 (0)20 7496 4076, firstname.lastname@example.org
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