BP makes climate change commitment

BP has commited itself to be more open about its impact on climate change after 98% of shareholders supported a resolution calling for greater transparency at the company.

The company is now committed to publishing more information on a number of issues, including whether the value of its oil and gas reserves will be damaged by limits on carbon emissions as well as information on its investments in low-carbon technology; the scale of carbon dioxide emissions from its operations; the linking of executive pay to greenhouse gas reduction; and its lobbying on climate change.

The resolution supported by the BP board came at the end of a three-hour meeting dominated by a subject that has been largely ignored at such investor gatherings.

But while the company’s board promised to be more transparent about the risks posed by the business, BP made clear it would not be providing targets to curb its own greenhouse gas output.

The shareholder resolution was passed with 98% of the vote, but there was also shareholder criticism regarding the company over its involvement in tar sands, in Russia, and continuing problems in the Gulf of Mexico.