Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

BP Shareholders Urge Oil Giant to Face Up to Climate Risks

Energy

A coalition of more than 150 BP shareholders, including Church of England and the UK’s Environment Agency, filed a resolution today requiring the company to assess and manage its climate risk.

"BP and Shell hold our financial and environmental future in their hands. They must do more to face the risks of climate change. Investors can help them by voting for these shareholder resolutions."

In the resolution, shareholders are asking the oil giant to no longer reward climate-harming activities, stress-test its business model against the requirement to limit greenhouse gas emissions in accordance to the UN Climate Change Conference in 2010, and commit to reducing its carbon emissions and investing in renewable energy. The resolution will be voted on at BP's 2015 annual general meeting in April.

The same group filed an identical resolution with Shell last month putting increased pressure on Big Oil to act now to mitigate climate risks.

The BP resolution was orchestrated by co-filers ClientEarth and ShareAction.

"Climate change is a major business risk," said ClientEarth CEO James Thornton who helped to orchestrate the resolution. "BP and Shell hold our financial and environmental future in their hands. They must do more to face the risks of climate change. Investors can help them by voting for these shareholder resolutions."

“The financial risks of climate change are greater in scale and closer in time than most investors realize," said Howard Covington, former chief executive of New Star Asset Management and ClientEarth Trustee. "These resolutions help contain those risks at minimal cost. Investors have every reason to support them.”

The filing of this resolution comes on the heels of President Obama's State of the Union address last night where he said, “No challenge—no challenge—poses a greater threat to future generations than climate change. 2014 was the planet’s warmest year on record. Now, one year doesn’t make a trend, but this does—14 of the 15 warmest years on record have all fallen in the first 15 years of this century.”

Also this week, UN climate chief Christiana Figueres acknowledged that the carbon bubble is now a reality and volatility in oil prices is one that "incrementally and gradually makes investment in oil and gas more risky than investment in renewables, where it is very predictable what the upfront cost of infrastructure is, and then the price of fuel from then on is very predictable and certain.”

YOU MIGHT ALSO LIKE

Obama: No Challenge Poses a Greater Threat Than Climate Change

Oil Prices Drop As Global Warming Rises

Pharrell and Al Gore Announce ‘Live Earth Road to Paris’

EcoWatch Daily Newsletter

A man pushes his mother in a wheelchair down Ocean Drive in South Beach, Miami on May 19, 2020, amid the novel coronavirus pandemic. CHANDAN KHANNA / AFP via Getty Images

The U.S. reported more than 55,000 new coronavirus cases on Thursday, in a sign that the outbreak is not letting up as the Fourth of July weekend kicks off.

Read More Show Less
To better understand how people influence the overall health of dolphins, Oklahoma State University's Unmanned Systems Research Institute is developing a drone to collect samples from the spray that comes from their blowholes. Ken Y. / CC by 2.0

By Jason Bruck

Human actions have taken a steep toll on whales and dolphins. Some studies estimate that small whale abundance, which includes dolphins, has fallen 87% since 1980 and thousands of whales die from rope entanglement annually. But humans also cause less obvious harm. Researchers have found changes in the stress levels, reproductive health and respiratory health of these animals, but this valuable data is extremely hard to collect.

Read More Show Less

Sunscreen pollution is accelerating the demise of coral reefs globally by causing permanent DNA damage to coral. gonzalo martinez / iStock / Getty Images Plus

On July 29, Florida Governor Ron DeSantis signed into law a controversial bill prohibiting local governments from banning certain types of sunscreens.

Read More Show Less
Oat milk is popping up at coffee shops and grocery stores alike, quickly becoming one of the trendiest plant-based milks. jacqueline / CC by 2.0

By Kelli McGrane

Oat milk is popping up at coffee shops and grocery stores alike, quickly becoming one of the trendiest plant-based milks.

Read More Show Less

"Emissions from pyrotechnic displays are composed of numerous organic compounds as well as metals," a new study reports. Nodar Chernishev / EyeEm / Getty Images

Fireworks have taken a lot of heat recently. In South Dakota, fire experts have said President Trump's plan to hold a fireworks show is dangerous and public health experts have criticized the lack of plans to enforce mask wearing or social distancing. Now, a new study shows that shooting off fireworks at home may expose you and your family to dangerous levels of lead, copper and other toxins.

Read More Show Less
Billions worth of valuable metals such as gold, silver and copper were dumped or burned last year as electronic waste produced globally jumped to a record 53.6 million tons. Curtis Palmer / CC by 2.0

By Ashutosh Pandey

Billions worth of valuable metals such as gold, silver and copper were dumped or burned last year as electronic waste produced globally jumped to a record 53.6 million tons (Mt), or 7.3 kilogram per person, a UN report showed on Thursday.

Read More Show Less

Trending

A women walks with COVID-19 care kits distributed by Boston's Office of Neighborhood Services in Boston, Massachusetts on May 28, 2020. The pandemic has led to a rise in single-use plastic items, but reusable bags and cloth masks can be two ways to reduce waste. JOSEPH PREZIOSO / AFP via Getty Images

This month is Plastic Free July, the 31 days every year when millions of people pledge to give up single-use plastics.

Read More Show Less