Saturday, 23 February, 2019

BP to link 36000 workers' bonuses to emissions reductions

BP gas station sign BP to explain how business chimes with Paris climate deal
Priscilla Morrison | 03 February, 2019, 19:38

The company will also link the pay of 36,000 employees to its climate change efforts.

The gas company has promised the group to reduce carbon emissions and be in line with the 2015 Paris Agreement to mitigate the effects of climate change.

This disclosure will be a part of BP's annual reports from 2019.

It comes after the Climate Action 100+ initiative - which represents 320 investors managing more than $32 trillion (£24tn) of assets - proposed a resolution to be put to shareholders at the energy giant's annual generation meeting (AGM) this May.

BP said on Friday that it planned to go along with investor demands to clearly outline how its investments in oil and gas would be aligned with the Paris climate goals.

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

BP has said that while it is prioritizing making its fuels more efficient for its customers, it can not commit to targets that go beyond its own operations.

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BP's chief executive officer (CEO), Helge Lund, said that the disclosure would help the oil company meets its goals producing energy and stemming the increase in the global temperature.

"The goal of the Paris Climate Agreement is to limit global warming to well below 2°C above pre-industrial levels, to aim for a global net-zero-emission energy system", Follow This added.

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. Companies like BP are beginning to recognize the need to take action to survive in a low carbon economy and retain their competitive position.

"This 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". BP's statement shows that it is recognizing investor concerns regarding its significant climate risks and responsibilities.

However, the company has faced much criticism regarding the specifics of its AET strategy - or lack thereof. The company a year ago set a target of reducing the emissions from its projects by 3.5 million tons by 2025.

BP has agreed to broaden its disclosure on greenhouse gas emissions to show how it thinks future investments in oil and gas align with United Nations -backed climate goals, it said on Friday. "We welcome the constructive engagement with Climate Action 100+ and, after careful consideration, have made a decision to support this resolution".

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