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BP shareholder vote shows increased support for tougher climate targets
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BP shareholders defeat new climate proposals
Shareholder met virtually on Wednesday. (Ian West/PA)
Shareholders have voted against a plan that would have forced BP to strengthen its climate commitments.
More than 79% of investors voted against a resolution proposed by shareholder group Follow This, which pushes oil companies to reduce their emissions.
BP said that 20.6% of votes were in favour of the plan.
After the result was finalised, the company said: “We will continue to engage with shareholders on our strategy, targets and aims so as to ensure their views are fully understood.”
Follow This said that BP’s targets are not consistent with the 2015 Paris climate change agreement, and criticised the company’s net zero target for not including one of its major investments.
80 per cent of BP shareholders reject climate proposals to reduce emissions
Shareholders have voted against a plan that would have forced BP to strengthen its climate commitments.
More than 79 per cent of investors voted against a resolution proposed by shareholder group Follow This, which pushes oil companies to reduce their emissions. BP said that 20.6 per cent of votes were in favour of the plan.
After the result was finalised, the company said: “We will continue to engage with shareholders on our strategy, targets and aims so as to ensure their views are fully understood.”
Follow This said that BP’s targets are not consistent with the 2015 Paris climate change agreement, and criticised the company’s net zero target for not including one of its major investments.
BP shareholders defeat new climate proposals
Shareholder met virtually on Wednesday. (Ian West/PA)
Shareholders have voted against a plan that would have forced BP to strengthen its climate commitments.
More than 79% of investors voted against a resolution proposed by shareholder group Follow This, which pushes oil companies to reduce their emissions.
BP said that 20.6% of votes were in favour of the plan.
After the result was finalised, the company said: “We will continue to engage with shareholders on our strategy, targets and aims so as to ensure their views are fully understood.”
Follow This said that BP’s targets are not consistent with the 2015 Paris climate change agreement, and criticised the company’s net zero target for not including one of its major investments.
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Should U.S. Oil Drillers Be Worried About Carbon Taxes? By Tsvetana Paraskova - Apr 06, 2021, 4:00 PM CDT
As governments are looking to put a price on carbon or raise current carbon taxes, the oil and gas industry globally is bracing for the impact of those levies on the economies of upstream projects.
The oil industry itself, for the most part, supports carbon pricing as one of the most efficient ways to reduce emissions and fight climate change the two main drags on the oil sector since the energy transition push became mainstream.
Carbon pricing is a tangible way for governments to “make polluters pay,” and the net-zero commitments of major economies suggest that putting a price on carbon could become increasingly popular in coming years, including in countries with vast oil and gas reserves such as the United States.
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