BP says it will back initiative on climate plan disclosure


LONDON (AP) — Energy giant BP said Friday it will support a resolution from a group of institutional investors to describe how its strategy is consistent with the Paris climate change accords — a reflection of how investor pressure is putting global warming on the boardroom agenda.

The company says in a statement that it accepted the call from participants in the Climate Action 100+ initiative, which wants the company to improve corporate reporting and transparency on risks related to climate change.

The group describes itself as an investor initiative designed to push corporate greenhouse gas emitters to take action on climate change. It involves 300 investors with $32 trillion in assets, including Hermes EOS, Aviva Investors and Legal and General Investment Management.

“Investors are helping ensure climate change is firmly on the boardroom agenda, which is especially important for the oil and gas sector,” said Stephanie Pfeifer, a member of the global Climate Action 100+ steering committee. “It’s encouraging to see major companies such as BP moving in the right direction.”

BP supported the Paris climate accord, an international agreement that set a goal of keeping global warming well below 2 degrees Celsius (3.6 F), ideally 1.5 C (2.7 F). Achieving the goal will require steep cuts in greenhouse gas emissions.

Video: Mitt Romney Finally Admits Where His Real Allegiance Has Been the Whole Time

Under the resolution, the company will spell out a “description of its strategy which the Board considers, in good faith, to be consistent with the goals of … the Paris Agreement.”

BP Chairman Helge Lund said the company wants to solve “the dual challenge” of providing more energy with fewer emissions.

“We believe our strategy is consistent with the Paris goals,” Lund said in a statement. “The additional reporting specified in the resolution will build on BP’s history of progressive action in this area.”

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
New York City