BP to expand emissions disclosure on oil investments

BP to expand emissions disclosure on oil investments

BP to expand emissions disclosure on oil investments

"Investors are helping ensure climate change is firmly on the boardroom agenda, which is especially important for the oil and gas sector", Pfeifer said.

A pressure reading is seen pictured at the top of a well head, known as the Christmas Tree, at the BP America Gasosaurus Gas Unit well site in Lufkin, Texas, U.S., June 13, 2018. By April 2016, 175 countries signed up in one day at the United Nations Headquarters in NY. As of December, 310 investors covering more than USD32 trillion in assets under management had joined up. The resolution came from Climate Action 100 +, a group of 320 investors such as the investment arms of HSBC Holdings PLC (LON:HSBA), Legal & General Group PLC (LON:LGEN) and the C of E. "We are determined to advance the energy transition while also growing shareholder value", Lund said.

BP has not yet described what concrete actions it is adopting to be aligned with Paris goals or even how it defines these goals and we look forward to seeing that information.

The reporting will "build on BP's history of progressive action in this area", he said, promising transparency around the company's climate goals.

BP today said it had decided not to support the Follow This resolution. The physics of climate change demand that every oil and gas company must immediately begin to reduce its greenhouse gas emissions compliant with Paris Agreement targets.

The two sides disagreed on whether the company had shown it was consistent with the goals of the climate accord. These include holding temperature rises to well below 2C and reducing carbon emissions to net zero by the second half of the century. BP appears to have committed only to setting operational targets.

Judge awards $300M to family of journalist killed in Syria
That night, Colvin had given live interviews to CNN and two British broadcasters, the BBC and Channel 4. The Syrian government was not involved in defending the case.

BP has not specified what metrics and targets it might set if the resolution is passed, but they could include targets for the carbon intensity of its products and linking executives' bonuses to carbon emission cuts.

The company will set climate targets related to its own operations, and it will publish an annual review of its progress.

Investors and analysts have said many oil and gas projects, such as complex and expensive investments in Canada or some deepwater basins, will not be needed in the transition to a low carbon energy.

The company's contribution to climate change could also undermine its stated mission of lifting people out of poverty because of the impact of global warming on the world's poorest people, the investors added.

BP shares were down 0.1% on Friday morning at 519.60 pence each, while Shell "A" shares were 0.2% higher at 2,366.5p and "B" shares also 0.2% up at 2,372.52p.

Shell on Thursday reported earnings slightly ahead of consensus for 2018 after a "strong year, with current cost of supply earnings coming in at USD21.40 billion, up 36% year-on-year".

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