In the latest news, BP ($BP. (-1,13 %) ) is causing a stir among investors. A group of 48 shareholders has called for any changes to the company's climate targets to be approved by investors. This follows reports that BP is planning to withdraw its targets for reducing hydrocarbon production by the end of the decade. 😲
Matt Crossman of Rathbones Investment Management emphasizes that shareholders' rights must be respected. Many investors have invested in BP because the company once positioned itself as a pioneer in the fight against the climate crisis.
In 2019, 99% of shareholders supported a resolution calling on BP to set out its strategy in line with the Paris climate goals. But now the target to reduce hydrocarbon production by 40 percent by 2030 could be lowered to 25 percent. What do you think? Is such a reversal of climate targets a step backwards for BP or a necessary adjustment? 💭