An activist group has withdrawn a shareholder resolution urging BP to adhere to the Paris climate agreement after the oil and gas company agreed to work together on a joint resolution.
BP and climate-focused Follow This have agreed to jointly draft a shareholder resolution on BP's climate goals for its 2021 annual general meeting (AGM), they said in a statement on March 27.
Follow This agreed to pull a resolution it filed independently ahead of BP’s 2020 AGM, planned for May.
The move comes after BP CEO Bernard Looney outlined shortly after taking office in February plans to reduce greenhouse gas emissions from BP’s own oil and gas production to net zero by 2050.
Follow This, which owns minor stakes in companies which enables it to file shareholder resolutions, has also filed shareholder resolutions on climate with U.S. giants Exxon Mobil, Chevron and their European rivals Royal Dutch Shell and Equinor.
Recommended Reading
Chevron’s Wirth: Rapid Transitions in Energy Strategy ‘Not the Right Policy Approach’
2025-03-10 - Relying on the president, whoever it is, leads to a wildly inconsistent energy policy in the U.S., Chevron CEO Mike Wirth said at CERAWeek by S&P Global.
Envana Paints a Bigger Methane Picture by Combining Existing Data with AI
2025-01-28 - Envana Software Solutions, a joint venture between Halliburton Co. and Siguler Guff, has been awarded a $4.2 million grant from the U.S. Department of Energy to advance its AI methane detection solution.
VanLoh: US Energy Security Needs ‘Manhattan Project’ Intensity
2025-02-06 - Quantum Capital Group Founder and CEO Wil VanLoh says oil and gas investment, a modernized electric grid and critical minerals are needed to meet an all of the above energy strategy.
Russia’s Shadow Fleet Includes More Than 1,000 Ships
2025-03-19 - The Russian Federation’s illegitimate oil tankers are keeping the country’s economy afloat, analysts say.
Trump Tariffs: Canada Looks East, West in Lieu of Exporting to US
2025-03-13 - “Don't be surprised if you see a lot of [Canadian] trade missions moving beyond North America,” an Ontario official said in a panel discussion on tariffs at CERAWeek by S&P Global.