The investor group comprises Hermes EOS on behalf of its stewardship clients, Legal & General Investment Management (LGIM), Aviva Investors, M&G Investments, Newton Investment Management, HSBC Global Asset Management, the Church Commissioners for England, APG - on behalf of the €399 Dutch civil service pension scheme ABP and other pension fund clients - and the Local Authority Pension Fund Forum, which represents United Kingdom public sector pension funds.
BP has said that while it is prioritizing making its fuels more efficient for its customers, it can not commit to targets that go beyond its own operations. It said, however, that Royal Dutch Shell did agree late past year to set carbon emissions targets including those from customers. We are determined to advance the energy transition while also growing shareholder value, ' said Helge Lund, BP's chairman.
Based on BP's current disclosures it was not possible to evaluate the extent to which the company's investments in fossil fuel reserves or resources were consistent with the Paris goals, they added.
Meanwhile, BP also said it would reward its 36,000 employees, including senior management, for efforts to reduce greenhouse gas emissions.
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"Investors are helping ensure climate change is firmly on the boardroom agenda, which is especially important for the oil and gas sector", Pfeifer said.
The resolution said: "Investors remain concerned that the company has not yet demonstrated that its strategy, which includes growth in oil and gas as well as pursuing low-carbon businesses, is consistent with the Paris goals".
The resolution would require BP to set out a business strategy that it considers, "in good faith", to be in line with the Paris goals to limit global temperature rise to well below 2C, and aim for 1.5C. "It's encouraging to see major companies such as BP moving in the right direction". "The decision by the BP board to support the resolution shows that this is a priority for the company and builds on progress to date, such as setting best in class methane intensity targets".
Shell, for example, said previous year that it would start linking executive pay to short-term carbon emissions targets in 2020 after coming under pressure from shareholders including the Church of England. To be aligned with Paris goals means adopting fundamental changes in the way business is done across the full scope of its activities - including reducing operational emissions, invested emissions, and product emissions.
"BP needs to follow its announcement with concrete, bold action". The group joins a growing list of oil giants obliged to defer to investor pressure on climate change.