By Anthony O. Goriainoff

A group of 48 investors wrote a letter to BP's Chairman calling for a shareholder vote on any plans to roll back its climate goals.

The letter seen by the Wall Street Journal includes signatures from Rathbones Investment Management, Phoenix Group, Robeco and Royal London Asset Management. It says that the signatories are concerned over media reports that BP plans to eliminate a target to reduce hydrocarbon production by the end of the decade.

Speaking on behalf of Rathbones, Stewardship Director Matt Crossman said that the rights and voices of shareholders need to be respected, as many investors bought into BP when it positioned itself as a leader in responding to the climate crisis.

"Pivoting to follow the trend in the market away from determined action on mitigating climate risk may seem logical, but for investors with assets across the market, there is a danger in every integrated oil and gas company pursuing the same 'wait and see' strategy," he said.

"That's why it's important that when the one company with a genuinely different, more progressive strategy steps back, shareholders should get to have their views heard," Crossman said.

In 2019, BP and 99% of its shareholders supported a binding special resolution which called for the company to show how its investments and strategy were consistent with the Paris Agreement climate goals, investors said in the letter.

In BP's 2022 annual general meeting, a majority of investors endorsed the company's decarbonization strategy that included a core target to reduce hydrocarbon production by 40% versus 2019's levels by 2030. That target was subsequently cut to around 25%, the investors added.

BP did not respond immediately to a request for comment.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

February 19, 2025 12:48 ET (17:48 GMT)

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