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BP's Sell Oil Projects to Meet Climate Targets - CEO Mr Dudley

Gasoil News - Published on Mon, 16 Sep 2019

Image Source: energyvoice.com
Bloomberg reported that Mr Bob Dudley CEO of BP plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers. Senior BP executives met within the last few days to discuss how to cut carbon as it grapples with a shareholder resolution requiring the company to explain how its spending is aligned with Paris. One proposal weighed up by BP’s management team was exiting the most carbon-intensive projects, though Mr Dudley wouldn’t say which assets were targets because there are “governments and partners involved.”

Mr Dudley said in conversation with JPMorgan’s head of European oil research Christyan Malek that we are certain we’ve got a path, it may not be linear, to being consistent with Paris goals. There are going to be projects that we don’t do, things that we might have done in the past. Certain kinds of oil, for example, that has a different carbon footprint. His comments offer a response to increasingly severe criticism aimed at the entire oil industry over its contribution to man-made climate change.”

He said that BP’s own shareholders sparred with company managers at its annual general meeting in May, before voting almost unanimously to require the company to issue a report about how each new investment is aligned with Paris. The report will be issued before its next AGM in May 2020.

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Posted By : Rabi Wangkhem on Mon, 16 Sep 2019
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