The best of EcoWatch, right in your inbox. Sign up for our email newsletter!
BP Shareholders Urge Oil Giant to Face Up to Climate Risks
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.
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.
"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
EcoWatch Daily Newsletter
Cutting out coal-burning and other sources of nitrogen oxides (NOx) from heavy industry, electricity production and traffic will reduce the size of the world's dead zones along coasts where all fish life is vanishing because of a lack of oxygen.
Methane levels in the atmosphere experienced a dramatic rise in 2019, preliminary data released Sunday shows.
In some states like West Virginia, coal mines have been classified as essential services and are staying open during the COVID-19 pandemic, even though the close quarters miners work in and the known risks to respiratory health put miners in harm's way during the spread of the coronavirus.
Renewable energy made up almost three quarters of all new energy capacity added in 2019, data released Monday by the International Renewable Energy Agency (IRENA) shows.