It also committed to cutting back on greenhouse gas emissions and said the bonuses of 36,000 employees and executives would be tweaked to incorporate its emissions goals.
Energy giant BP will get behind a shareholder effort which would require it to work towards the goals of the Paris climate change agreement. 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.
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.
Its board has made a decision to back a shareholder resolution at its next annual general meeting calling for strict new climate change plans and disclosures at the company.
The group writes in the resolution that action was needed because BP "has not yet demonstrated" that its strategy is consistent with the Paris goals.
"Investors are helping ensure climate change is firmly on the boardroom agenda, which is especially important for the oil and gas sector", Pfeifer said.
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 are determined to advance the energy transition while also growing shareholder value.
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BP said Friday it would support a call from a group of institutional investors requesting the company broaden its corporate reporting to describe how its strategy remained consistent with the goals of the Paris Agreement.
The company will set climate targets related to its own operations, and it will publish an annual review of its progress.
BP has agreed to shareholder demands to publish more information on its carbon emissions and strategy for reducing them.
Shell provides an example of a company moving in the right direction toward alignment with Paris goals by setting a target to reduce the intensity of emissions from of its products (Scope 3).
Early in December Shell, having met with investors, chose to publish a number of steps which would align it to the goals of the Paris Agreement. BP's statement shows that it is recognizing investor concerns regarding its significant climate risks and responsibilities.
The Follow This proposal specified emission targets and metrics, based on the Paris accord, to be able to track the company's contribution to helping minimize climate change.
"BP needs to follow its announcement with concrete, bold action".