BP to Explain How It Chimes With Paris Climate Deal

BP to Explain How It Chimes With Paris Climate Deal
AP Photo/Gene J. Puskar, File

BP has bowed to pressure from investors, including the Church of England, by backing a plan to explain how its strategy and investments are consistent with the Paris climate agreement.

The UK oil and gas company supported a resolution, put forward by a group of shareholders including the investment arms of HSBC, Legal & General and the C of E, forcing it to be more transparent on climate change.

But BP urged investors to reject a tougher climate resolution brought by a Dutch shareholder activist group, which it said was too prescriptive.

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.

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