Thursday, 18 April, 2019

BP links employee bonuses with climate progress in Paris Agreement alignment drive

Massive Oil Slick Threatens U.S. Gulf Coast BP has committed to environmental action nine years after the Deepwater Horizon oil spill
Laurie Berry | 03 February, 2019, 19:39

Meanwhile, BP will give bonuses to employees, including senior management, for efforts to reduce greenhouse gas emissions. If BP fails to set specific targets for dramatically reducing emissions resulting from the use of its products and does not bring its lobbying into line with its stated positions on climate change, this pledge is window dressing and shareholders should call foul.

Some of the members include Standard Life Aberdeen PLC, AXA Group, the Church of England Pensions Board, HSBC Global Asset Management, Investec Asset Management, Janus Henderson Investors, and UBS Asset Management.

A pressure reading is seen pictured at the top of a well head, known as the Christmas Tree, at the BP America Gasosaurus Gas Unit well site in Lufkin, Texas, U.S., June 13, 2018.

Based on BP's current disclosures it was not possible to evaluate the extent to which the company's investments in fossil fuel reserves or resources were consistent with the Paris goals, they added.

Oil major BP PLC has joined peer Royal Dutch Shell PLC in opening up on its plans to combat climate change going forward.

Helge Lund, BP's chairman, said: "The additional reporting specified in the resolution will build on BP's history of progressive action in this area".

BP will face a second, tougher, climate change resolution at its annual meeting.

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Launched last April, BP claimed the strategy would help it to keep net greenhouse gas emissions at 2015 levels as the business expands.

Follow This describes itself as "a group of responsible shareholders in oil and gas companies" that organizes shareholder support to commit to the goal of the Paris Climate Agreement to limit global warming to below 2 degrees Celsius.

Shell, for example, said a year ago that it would start linking executive pay to short-term carbon emissions targets in 2020 after coming under pressure from shareholders including the Church of England.

The company will set climate targets related to its own operations, and it will publish an annual review of its progress. These emissions are much bigger than those from the company's operations.

If the resolution is approved at the AGM, the company aims to introduce the changes into its reporting later this year.

Critics were also quick to point out that while BP had pledged to invest $500m into low-carbon solutions after posting a strong financial performance in 2017, higher oil prices and growing crude production had pushed up its full-year underlying profits to $6.2bn that year.

The two sides disagreed on whether the company had shown it was consistent with the goals of the climate accord.

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