BP to expand emissions disclosure on oil investments

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BP to expand emissions disclosure on oil investments

It asks the company to set and publish targets for the reduction of carbon emissions in line with the Paris climate change agreement, including for Scope 3 emissions, which are emissions from the use of BP's products.

More than 300 large investors have banded together and convinced BP (BP.L) to be more transparent in its actions to limit global climate change and align with targets set by the Paris climate treaty of 2015.

The moves are part of a wider, growing wave of shareholder power being exerted on oil and gas companies to be clearer about their contribution to rising carbon emissions, and what they are doing about it.

The reporting will "build on BP's history of progressive action in this area", he said, promising transparency around the company's climate goals.

Helge Lund, the chairman of the company, stated: "BP is committed to helping solve the dual challenge of providing more energy with fewer emissions".

BP also said that in the future, reductions in greenhouse gas emissions would be a factor in determining compensation for 36,000 employees, including senior managers.

The board of energy giant BP says it will support a resolution from a group of institutional investors to describe how its strategy is consistent with the Paris climate change accords - a reflection of how investor pressure is putting global warming on the boardroom agenda.

BP has not specified what metrics and targets it might set if the resolution is passed, but they could include targets for the carbon intensity of its products and linking executives' bonuses to carbon emission cuts.

Early in December Shell, having met with investors, chose to publish a number of steps which would align it to the goals of the Paris Agreement. BP introduced a plan past year that sets near-term emissions goals for its operations.

BP Chief Executive Officer Bob Dudley has repeatedly said that while the oil and gas sector needs to play a role in the transition to low carbon energy, it still needs to meet growing demand for fossil fuels, particularly in emerging economies. These emissions are much bigger than those from the company's operations.

To align with Paris, BP would have to diversify into clean energy production, shrink current investments in oil and gas development, or otherwise reduce its full range greenhouse gas emissions. "We welcome the constructive engagement with Climate Action 100+ and, after careful consideration, have made a decision to support this resolution". BP's statement shows that it is recognizing investor concerns regarding its significant climate risks and responsibilities.

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