BP shareholder push for fresh emission reduction goals gains traction
London (Quantum Commodity Intelligence) – BP shareholders voted in their largest number yet at the company's Annual General Meeting this week in favour of a resolution for the company to commit to carbon-cutting targets in the short, medium and long-term.
AGM poll results published late Wednesday showed 20.7% in favour of implementing the targets, which although far below the threshold to be passed, was up from 8.4% at the 2019 AGM, the last time the "Follow This" resolution was put forward.
BP was one of the first oil majors to start a pivot towards renewables and new technologies in line with international climate policy goals and the implementation of an energy transition.
It has committed to being a net-zero emission company by 2050.
While Follow This and other activists believe the BP climate strategy does not yet go far enough, their share price hit a 25-year low last September after its plans to shift to clean energy were unveiled as further reaching and faster moving than expected.
As well as plans for major investments in renewables assets BP has made a series of tie-ins with other companies, such as Volkswagen, in order to develop the technology and infrastructure needed to bring clean energy to market at a commercial scale.
On Thursday, BP announced a new memorandum of understanding with cement giant Cemex, illustrating the cross-sector challenge associated with emissions reduction goals.
The two companies will work together to develop solutions to decarbonize the cement production process and transportation, as well as aligning ambitions to arrive at net zero emissions by 2050 or sooner.
