BP joins Shell in making plans to combat climate change

This will involve an extra level of carbon analysis for all exploration projects, acquisitions and technological investments, as well as projects at existing oil and gas fields.

If the resolution is approved at the meeting, it will be up to BP to provide additional corporate reporting for 2019, as well as the process and methodology for that reporting.

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.

"We believe our strategy is consistent with the Paris goals", Lund said in a statement.

Climate Action 100+ said the BP resolution was "good news for both investors and the planet".

Investors and environmentalists welcomed BP's announcement, while stressing they will continue to monitor its climate performance.

BP has pledged to add emissions reductions as a factor in the reward of 36,000 of its employees, including executive directors.

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Shell, for example, said a year ago 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.

Low-carbon leader or laggard?

While BP agreed to increase its disclosure around climate, it also rejected another resolution tabled by climate activist group Follow This calling for emission reduction targets for all its operations, including emissions from products it sells to customers, known as Scope 3.

However, the company has faced much criticism regarding the specifics of its AET strategy - or lack thereof.

BP and the investors spent months in talks over the resolution, leading to some changes to the proposal but not on the core demand of a business strategy in line with Paris.

The moves are part of a wider, growing wave of shareholder power being exerted on oil and gas companies to be clearer about their contribution to rising carbon emissions, and what they are doing about it.

"Investors are helping ensure climate change is firmly on the boardroom agenda, which is especially important for the oil and gas sector", Stephanie Pfeifer, a member of the global Climate Action 100+ steering committee and a former Deutsche Bank economist, said. "It's encouraging to see major companies such as BP moving in the right direction". "Global carbon emissions need to be reduced urgently and investors expect other companies in the sector to follow suit".

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