KEY POINTS
  • BP is bracing itself for a shareholder revolt at its annual general meeting, with some of the U.K.'s biggest pension funds planning to ratchet up the pressure on the oil major over its climate strategy.
  • A separate shareholder rebellion could see some pension funds vote against the reappointment of chairman Helge Lund in response to the firm's move to scale back its green pledges without shareholder consent.
  • Scientists have repeatedly warned that time is rapidly running out to stave off the worst of what the climate emergency has in store.

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BP, which was one of the first energy giants to announce an ambition to cut emissions to net zero "by 2050 or sooner," has urged shareholders to oppose the resolution put forward by Follow This.

BP is bracing itself for a shareholder revolt at its annual general meeting on Thursday — some of the U.K.'s biggest pension funds are planning to ratchet up the pressure on the oil major after it rolled back its emission reduction targets in the wake of record profits.

Dutch group Follow This, a small activist investor and campaign group with stakes in several Big Oil companies, has tabled a resolution at BP's shareholder meeting.

In this article