Bp Paris Climate Agreement

The company`s contribution to climate change could also undermine its stated mission to lift people out of poverty because of the impact of global warming on the world`s poorest, investors added. BP has bowed to pressure from investors, including the Church of England, by supporting a plan to explain how its strategy and investments are compatible with the Paris climate agreement. Lund has been president of BP, Europe`s second largest company, since January. He wrote that CEO Bob Dudley agrees with the company`s long-term vision of moving to cleaner energy alternatives at an “unprecedented pace.” He added: “We don`t say this to protect our operating license, or as a kind of sophisticated greenwashing,” although he did not indicate concrete targets for the company`s transition to a reduction in CO2 emissions. The two parties disagreed on whether the company had demonstrated that it was consistent with the objectives of the climate agreement. Investors said BP still had to prove it. The British oil and gas company has supported a resolution presented by a group of shareholders, including HSBC`s investment arm, Legal and General and C of E, which requires it to be more transparent on climate change. “These projects represent an immediate challenge for investors and businesses who want to move towards climate goals,” the report warned. Let me begin by acknowledging Germany`s role in the Paris Agreement and Chancellor Merkel`s personal commitment to combating climate change.

I was in Paris last December. It was a historic event and a historic agreement. The BP boss assures investors that the oil and gas giant`s strategy is in line with the Paris climate change agreement and that a new level of transparency is underway. However, BP asked investors to reject a stricter climate solution from a group of Dutch shareholders that it said was too prescriptive. We support the recommendations of the Climate Financial Reporting Task Force (TCFD), set up by the Financial Stability Board, to improve reporting on climate risks and opportunities. We intend to cooperate constructively with TCFD and other countries to develop good practices and standards of transparency. This will be a journey of several years, but we have already begun and our latest report provides information that supports the recommended data.