More than 99% of BP shareholders voted in favor of climate change resolution

The oil major is the latest to review its membership with trade associations, as oil companies come under pressure to curb emissions

BP, British Petroleum, Bob Dudley

British Petroleum, which has been under pressure from protestors ahead of and during its annual shareholder meeting this week, has passed a climate change resolution which will see the oil major put forth a business plan in line with the Paris Agreement's climate goals. 

At the company's annual general meeting, 99.14% of BP shareholders voted in favor of the resolution, called Resolution 22. The resolution was proposed by investors who are part of the Climate Action 100+ investor initiative. It was supported and promoted by the BP board prior to the vote.

“Investors will reserve judgement and expect BP’s response to be sufficiently robust. They will pay close attention to how it addresses emissions across its full value chain and expect to see clear evidence that any future material capex investment is consistent with the goals of the Paris Agreement,” said Stephanie Pfeifer, of the Climate Action 100+ Steering Committee and CEO of the Institutional Investors Group on Climate Change.

"Billions of  people around the world need more energy to improve their lives," said BP Chairman Helge Lund. "At the same time, carbon emissions need to come down at a much faster pace than we see today. More energy with fewer emissions. That is the dual challenge."

"The world needs more energy, but it needs energy that is cleaner, better and kinder to the planet," he added.

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