Fossil fuel major BP’s shareholders have overwhelmingly approved a climate change resolution backed by investors and the company, which calls for it to meet the 2015 United Nations sponsored Paris Agreement on climate change.
The resolution, co-filed by shareholder group Climate Action 100+, won the support of 99.14 per cent of the votes.
Reuters Newsagency reports a second resolution, filed by activist group Follow This which BP’s board urged shareholders to vote against, received 8.35 per cent of the votes.
Reuters reports activists had disrupted BP’s annual shareholder meeting shouting “this is a crime scene” in the latest climate protest against the oil and gas group, while rival Royal Dutch Shell got some rare praise from investors on its emissions policies.
Both fossil fuel giants have been working with shareholders in recent years to try to define a path toward meeting the goals of the Paris Agreement to limit global warming.
United States rivals ExxonMobil and Chevron are also under pressure from investors, but have so far not committed to any targets.
Two women protesters inside BP’s annual general meeting (AGM) in Aberdeen, Scotland, were carried out by security staff, while others turned on an alarm during BP Chief Executive Bob Dudley’s speech as activists complained the UK-based group was not doing enough to battle global warming.
The action came a day after Greenpeace protesters blockaded the entrance to BP’s London headquarters, demanding it end all new oil and gas exploration.
BP agreed in February with a group of shareholders known as Climate Action 100+ on the resolution to increase transparency around carbon emissions, set targets to reduce emissions from its operations and link them to executive pay.
That resolution won overwhelming shareholder support at the AGM.
However, after BP’s overall carbon emissions rose in 2018 to their highest in six years, shareholders also pushed it to do more and follow Shell by imposing stricter emissions limits.
Outside the AGM, several dozen people held placards reading “BP climate criminals” and “climate emergency.”
Around 20 environmental activists also gathered outside Shell’s AGM in The Hague.
BP Chairman Helge Lund said the company would transition toward cleaner energy, while remaining an attractive investment proposition.
Meanwhile, Shell was commended by some of its shareholders for setting sector-leading climate policies last year.
They include reducing so-called Scope 3 emissions from fuels sold to customers around the world in addition to emissions from the company’s own operations.
Adam Matthews, director of ethics and engagement for the Church of England Pensions Board who has represented shareholders in climate talks with Shell, said the group’s strategy was an example to other energy companies.
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