Activist investors push BP to maintain climate commitments

Yesterday 11:52

A coalition of European investors led by the activist shareholder group Follow This is pressuring BP to maintain its climate-reporting commitments. The investors are urging shareholders to oppose plans to rescind climate-related decisions adopted in 2015 and 2019, which required BP to report on emissions and link executive pay to climate performance.

The campaign reflects growing shareholder activism in the energy sector, as investors push for transparency and long-term strategies to address climate change. The group, which manages around $1 trillion in assets, warned of potential legal action after BP refused to include a separate shareholder proposal on the agenda of its upcoming annual meeting.

The proposal calls on BP to disclose its strategy for navigating a future of declining oil and gas demand, emphasizing the need for companies to align with global climate goals. Investor advocacy groups argue that abandoning these commitments could expose BP to reputational and financial risks while undermining progress toward a low-carbon economy.

BP will need at least 75% shareholder support to change its climate-reporting obligations. Analysts note that the outcome of this dispute could influence broader corporate governance practices in the global energy sector.