BP. Bp Plc

   By Dieter Holger 
 

--BP's board supports a vote on a proposed shareholder resolution requiring disclosure of more metrics on climate change

--Shareholders are expected to vote at the company's next annual general meeting, in mid-May

BP PLC's (BP.LN) board supports a proposed vote on a shareholder resolution that would require the company to disclose metrics on its efforts to combat climate change, the company said Friday.

This follows pressure from a coalition of more than 300 investors managing $32 trillion in assets.

If the resolution is approved, BP would disclose how it evaluates the impact of its investments in oil-and-gas exploration, acquisition and development on the climate; its anticipated levels of investment in oil, gas and other energy sources; the estimated carbon intensity of its energy products; and its targets to reduce its greenhouse gas emissions.

The company's climate strategy and metrics would appear in an annual report, with the first due out early 2020, the company said.

"We believe our strategy is consistent with the Paris goals," BP chairman Helge Lund said. "The additional reporting specified in the resolution will build on BP's history of progressive action in this area."

The proposal is part of a growing trend among investors to demand more action and disclosure on climate goals from energy companies. Investors, in partnership with investor group Climate Action 100+, persuaded Royal Dutch Shell PLC (RDSB.LN) to agree late last year to halve its carbon footprint by 2050.

It isn't currently possible to determine if BP's energy projects are in line with the Paris Climate Agreement of keeping global warming below 2 degrees Celcius, the investors said in a statement in support of the resolution.

"This limits investors' ability to appraise the attractiveness of the company as an investment proposition," the investors said.

BP shareholders are expected to vote on the resolution at the next annual general meeting, in mid-May, the company said.

Negotiations between BP and the investors on the resolution began in the fourth quarter of 2018, the company said.

In 2018, BP was embroiled in an environmental disaster after the Deepwater Horizon explosion in the Gulf of Mexico, which spilled around 5 million barrels of oil into the Gulf of Mexico and led to a settlement of $20.8 billion.

Write to Dieter Holger at dieter.holger@dowjones.com

(END) Dow Jones Newswires

February 01, 2019 04:14 ET (09:14 GMT)

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