Decoding the coming AGM

The report analyzes BP's decarbonization targets and investment strategies, claiming they are insufficient to meet 1.5°C goals. It highlights that BP's scope 3 emission targets cover only a fraction of total emissions and that the company continues to invest in new oil and gas fields, including unconventional sources. The author recommends that shareholders vote against BP's advisory 'Say on Climate' vote, support a shareholder resolution for Paris-aligned targets, and vote against the reelection of the Board of Directors.

• BP's climate plan is not aligned with a 1.5°C pathway; calculations based on company data suggest it will overshoot its 1.5°C carbon budget by at least 50.9% by 2050, with over 80% of that budget expected to be consumed by 2030.
• BP's 2030 target to reduce scope 3 emissions by 35-40% is criticized because it only covers 26.7% of its total reported scope 3 emissions. Consequently, the company's total emissions reduction target (scope 1 to 3) of 11.6% by 2030 is less than a third of the 41% reduction prescribed by the IEA Net Zero scenario.
• BP is expanding its fossil fuel production by developing 3189 Million Barrel of Oil Equivalent (MMBOE) of new upstream assets. More than half of this development is in unconventional sectors, with 26% coming from fracking and 31% planned in ultradeep waters.
• BP's low-carbon investment strategy is questioned because its low-carbon business segment includes Carbon Capture and Storage (CCUS) for the production of blue hydrogen. While the company aims for 50 GW of renewable power by 2050, this may represent only up to 21% of primary energy production by 2030.
• The CA100+ 'Net Zero Company Benchmark' found that BP's transition plan meets none of the nine assessed criteria, placing it among the worst performing European oil and gas actors.

APA

admin (2022). Decoding the coming AGM. Reclaim Finance. https://reclaimfinance.org/site/en/2022/05/09/bps-agm-shareholders-must-vote-against%e2%80%afbps-climate-plan/

Chicago

admin. Decoding the coming AGM. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/05/09/bps-agm-shareholders-must-vote-against%e2%80%afbps-climate-plan/.

Wikipedia

{{cite press release |last1=admin |title=Decoding the coming AGM |publisher=Reclaim Finance |date=9 May 2022 |url=https://reclaimfinance.org/site/en/2022/05/09/bps-agm-shareholders-must-vote-against%e2%80%afbps-climate-plan/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022decoding, author = {admin}, title = {{Decoding the coming AGM}}, publisher = {Reclaim Finance}, year = {2022}, month = may, url = {https://reclaimfinance.org/site/en/2022/05/09/bps-agm-shareholders-must-vote-against%e2%80%afbps-climate-plan/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }