BP P.L.C. | Scope 3 Emissions Medium-Term Target Resolution at BP P.L.C.

Status
16.75% votes in favour
AGM date
Previous AGM date
Proposal number
25
Resolution details
Company ticker
BP
Lead filer
Follow This
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Energy
Company HQ country
United Kingdom
Resolved clause
Shareholders support the company to align its existing 2030 reduction aims covering the greenhouse gas (GHG) emissions of the use of its energy products (Scope 3) with the goal of the Paris Climate Agreement: to limit global warming to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C.
Supporting statement
Whereas the world has declared to drive down greenhouse gas (GHG) emissions this decade, the energy transition from fossil fuels to renewables presents great opportunities for an integrated energy multinational. We believe that BP could lead and thrive in the energy transition by meeting the increasing demand for energy services while reducing GHG emissions to levels consistent with the global intergovernmental consensus specified by the Paris Accord. Because the company’s existing aims covering Scope 3 do not equate to Paris-aligned targets for all BP’s Scope 3 emissions by 2030, we support the company to advance these aims. We, the shareholders, understand this support to be part of our fiduciary duty to secure the long-term interest of the company and to protect all our assets in the global economy from devastating climate change; limiting global warming is essential to risk management and responsible stewardship of the economy. Backing from investors that are determined to achieve the goal of Paris gained momentum since 2016, when 2.7% voted in favour of the Follow This climate resolution. In 2022, 15% voted in favour at BP, and up to 39% at other oil majors; this includes the support of the ten largest investors in the Netherlands who voted in favour of Follow This climate resolutions.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
MN For We expect companies to align their strategy with the Paris Agreement, this includes setting a scope 3 target aligned with a 1.5C degrees pathway. Moreover, more reporting on BP's climate strategy will enable us to better assess this alignment.
Pensioenfonds Rail & Openbaar Vervoer For We vote in favor of this resolution because we expect all companies in which we invest to formulate a strategy that is in line with the Paris Climate Agreement.
Anima Sgr For As the proposal would further aid shareholders in understanding the company's assessment of how it could reduce its carbon footprint in alignment with GHG reductions necessary to achieve the Paris Climate Agreement goal.
Universities Superannuation Scheme - USS For The resolution reinforces our previous communication with the Board to further develop Scope 3 commitments.
PGGM Investments For There is insufficient evidence to conclude that the company’s transition plan is aligned with the goal of the Paris Agreement. Regarding its upstream target, further disclosure is required on how oil and gas will separately develop, which IPCC categories and scenarios it used to benchmark itself, and if the decline takes into account abated vs. unabated fossil fuel use.
Furthermore, the company does not explain how its downstream carbon intensity target is aligned with a 1.5°C degree warming pathway.
CoreCommodity Management, LLC For
LBPAM La Banque Postale Asset Management For
Rothschild & co Asset Management For

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