SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
period ended 01
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of principal executive offices)
by check mark whether the registrant files or will file
under cover Form 20-F or Form 40-F.
20-F |X| Form 40-F
by check mark whether the registrant by furnishing the
in this Form is also thereby furnishing the information to
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
support call for greater reporting re:Paris dated 01 February
1 February 2019
BP to support investor group's call for
greater reporting around Paris goals
BP Board to support resolution from Climate Action 100+ investors
Resolution calls for BP to describe how company strategy is
consistent with Paris goals
Builds on BP's commitment to growing shareholder value while
advancing energy transition
BP has also incorporated emissions reductions as a factor in
said today that it will support a call from a group of
institutional investors for the company to broaden its corporate
reporting to describe how its strategy is consistent with the goals
of the Paris Agreement.
participants of the Climate Action 100+ initiative have proposed a
resolution to be put to shareholders at the company's annual
general meeting in May 2019. Following constructive engagement
between BP and the investors, the BP Board has decided to support
the proposed resolution.
has supported the aim of the Paris Agreement, with its call to
rapidly reduce greenhouse gas emissions in the context of
sustainable development and eradicating poverty, since it was
agreed in 2015.
In accordance with the proposed resolution BP will
describe how its strategy is consistent with the Paris goals, as
well as setting out a range of additional related reporting. Full
details can be seen in the proposed
The process to formally submit the resolution is being finalised
and BP intends to provide shareholders with a more detailed
explanation of its support for the resolution in the notice of
meeting ahead of the AGM.
Lund, BP's chairman, said: "BP is committed to helping solve the
dual challenge of providing more energy with fewer emissions. We
are determined to advance the energy transition while also growing
shareholder value. We believe our strategy is consistent with the
Paris goals. The additional reporting specified in the resolution
will build on BP's history of progressive action in this area. We
welcome the constructive engagement with Climate Action 100+ and,
after careful consideration, have decided to support this
Advancing BP's approach
approach to the energy transition is grounded in the experience it
has gained since it first called for action on the threat of
climate change over 20 years ago. In 2017 it set out a strategy
designed to grow shareholder value under a range of scenarios while
also helping to meet the dual challenge of providing more energy
with fewer emissions. Last year BP introduced the
'reduce-improve-create' framework, through which it intends to
deliver its low carbon ambitions, including clear near-term targets
for emissions from operations.
additional reporting will give investors better clarity about how
BP can continue to deliver value through the energy transition in a
way consistent with the Paris goals," Lund added. "We will be open
and transparent about our ambitions and targets as well as our
progress against them. We recognise that the trust of our
shareholders, and society more widely, is essential to BP remaining
an attractive and reliable long-term investment. And only by
remaining a world-class investment can we most effectively play our
part in advancing a low carbon future."
the resolution is approved at the AGM, BP will introduce these
changes into its reporting for 2019 onwards. BP and institutional
investors supporting Climate Action 100+ will continue their
dialogue and revisit the resolution every three to five years, to
allow the company and its shareholders to take account of the
experience gained and changes in circumstances.
Emissions reductions included in employee reward
BP today also announced that greenhouse gas (GHG) emissions
reductions have now been included as a factor in the reward of
36,000 employees across the Group and around the world, including
2018 BP introduced a target to achieve 3.5 million tonnes of
sustainable GHG emissions reductions in its operations worldwide by
2025. Progress towards this target has now been incorporated into
the assessment of the Group's performance that is a factor in
determining annual bonuses for BP staff worldwide. This will apply
to the assessment of BP's performance in 2019.
the world's growing demands for energy while also greatly reducing
emissions will require more than rapidly growing renewables - all
forms of energy must be made cleaner, better and kinder to the
planet. This is why our people are already in action across BP,
seeking opportunities to reduce our emissions, improve our
products and create new low carbon businesses," said Bob Dudley, BP
group chief executive.
an emissions reduction target into the reward of people throughout
BP further underlines the importance we place on this work. We
expect it will catalyse even more ideas and activity and support BP
playing our part in addressing the dual challenge."
BP does not support other resolution
BP also confirmed today that it has received a
shareholder resolution for its AGM, submitted by shareholders
organised by the group Follow This. After consideration, the BP Board has decided
not to support this resolution. The Board will provide its response
in the notice of meeting.
Notes to editors:
proposed resolution, which has yet to be formally submitted to BP
and is subject to qualifying shareholder support, requires BP to
describe its strategy which the Board considers is consistent with
the goals of Articles 2.1(a) and 4.1 of the Paris
Action 100+ is an initiative representing more than 300 investors
with over $32 trillion in assets under management, including some
of BP's largest investors.
press release from the Climate Action 100+ investors can be seen
full proposed resolution and the proposers' supporting statement
can be seen at:
Further details on BP's strategy can be seen
details on 'Advancing the energy transition' - BP's approach to
delivering its low carbon ambitions and the targets it has set, can
be seen here:
BP is a member of the Oil and Gas Climate
Initiative (OGCI) which also
supports the Paris Agreement. Further information can be seen
BP press office, London: +44 (0)20 7496
document contains certain forward-looking statements - that is,
statements related to future, not past events and circumstances -
which may relate to the ambitions, aims, targets and intentions of
BP - as well as statements related to the energy transition.
Forward-looking statements involve risk and uncertainty because
they relate to events and may depend on circumstances that will or
may occur in the future and are outside of the control of BP.
Actual results or outcomes may differ from those expressed in such
statements, depending on a variety of factors including those set
out under "Principal risks and uncertainties" in our second quarter
and half year 2018 group results for the period ended 30 June 2018
and "Risk factors" in BP Annual Report and Form 20-F 2017 as filed
with the US Securities and Exchange Commission.
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.