BP To Align Bonuses With Climate Change Goals
BP has pledged to align its business more closely with global climate goals and link the bonuses of 36,000 employees to greenhouse gas reduction targets.
The company said Friday that it would support a resolution from activist investors that calls on BP to orient its goals towards the 2015 Paris Agreement, which aims to keep global warming "well below" 2 degrees Celsius,
The resolution is from Climate Action 100+, a group of 300 investors with $32 trillion in assets. It will be up for vote at the company's annual meeting in May.
The group writes in the resolution that action was needed because BP "has not yet demonstrated" that its strategy is consistent with the Paris goals.
The resolution includes specific pledges.
BP will consider whether new investments are consistent with the Paris deal. That includes exploration projects, acquisitions, technological investments and the development of existing oil and gas fields.
The company will set climate targets related to its own operations, and it will publish an annual review of its progress.
BP also said 36,000 of its workers will see their bonuses linked to greenhouse gas emissions reductions.
The resolution is the latest example of companies facing increased scrutiny from shareholders over climate change.