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Climate protesters disrupt BP’s shareholder meeting in London Climate protesters disrupt BP’s shareholder meeting in London
(about 1 hour later)
Oil company bracing for growing green revolt over decision to water down climate commitments Oil company’s decision to water down climate commitments prompts backlash from investors at AGM
Climate protesters have disrupted BP’s annual general meeting where the oil company was braced for a growing green revolt from shareholders over its decision to water down its climate commitments. Climate protesters have disrupted BP’s annual general meeting where the oil company faced a backlash from some shareholders over its decision to water down its climate commitments.
At least four protesters were forcibly removed from inside the shareholder meeting within 10 minutes of BP chair, Helge Lund, beginning his opening remarks. The campaigners repeatedly interrupted the address by calling for the company to take responsibility for its role in the climate crisis. At least four demonstrators were forcibly removed from inside the shareholder meeting within 10 minutes of BP chair, Helge Lund, beginning his opening remarks.
The protesters, organised by campaign group Fossil Free London, repeatedly interrupted Lund’s address by calling for the company to take responsibility for its role in the climate crisis.
Lund also faced growing dissent from BP investors angered by the company’s decision to weaken its climate policies, with almost 10% of shareholders voted against his re-election as chair. That compares with just 3% who voted against him last year.
“You need to be taking action right now, today,” said one female protester. “It’s not enough. It’s just not good enough. People are dying because of your operations now. Step up and take responsibility. Stop your drilling. Stop your lies.”“You need to be taking action right now, today,” said one female protester. “It’s not enough. It’s just not good enough. People are dying because of your operations now. Step up and take responsibility. Stop your drilling. Stop your lies.”
The protesters were warned by BP company secretary, Ben Mathews, to wait until the question and answer segment of the meeting, or risk being removed by security. The protesters were carried out – one still remaining in a chair – to a smattering of applause from some BP shareholders. The campaigners were warned by BP’s company secretary, Ben Mathews, to wait until the question and answer segment of the meeting, or risk being removed by security. The protesters were carried out – one still remaining in a chair – to a smattering of applause from some shareholders.
“This is an emergency,” one woman shouted as she was removed. “This is an emergency,” one woman shouted as she was removed. Another protester, dressed in a smart suit and tie with neatly combed grey hair, was carried out on his back by four security guards.
Another protester, believed to be disguised as an investor by dressing in a smart suit and tie with neatly combed grey hair, was carried out on his back by four security guards. Joanna Warrington, a spokesperson for the campaign group Fossil Free London, said: “BP needs to stop drilling and pay up for the damage they’re doing globally. Big oil is making record-breaking billions off the back of people’s excruciating energy bills. Meanwhile, the oil and gas they sell fuels extreme weather and climate collapse.”
In addition to the disruption within the meeting climate campaigners demonstrated against the company outside the meeting, which was held at the ExCeL centre in London. The group said 25 protesters attempted to enter the central London meeting, which was only open to BP investors, after buying individual shares in the company. Many were barred from entering after being found with banners.
The meeting was marked by a heavy security presence, including metal detectors and security searches, as the company prepared to face growing criticism of its plans to backtrack on its green pledges.The meeting was marked by a heavy security presence, including metal detectors and security searches, as the company prepared to face growing criticism of its plans to backtrack on its green pledges.
BP won cautious praise from climate campaigners in 2020 after setting out a “net zero carbon” plan that included a goal to cut the company’s oil and gas production by 40% compared with 2019 by the end of the decade. But the company reset the target to 25% by 2030 after reporting the highest profits of BP’s 114-year history thanks to soaring oil and gas prices linked to the Ukraine war. BP was also challenged over its record on gas “flaring” in southern Iraq. The avoidable burning off of gas released from oilwells results in large plumes of fire and has led to dangerous levels of air pollution in the area.
The father of Ali Hussein Jaloud, who died days before the meeting from a form of leukaemia that has been linked to chemicals released by flaring gas, asked BP why it could not use its profits to help save his son’s life.
Its chief executive, Bernard Looney, expressed his condolences. He said the field was operated by Rumaila Operating Organisation and BP was part of a group of partners that were “making progress” on reducing the flaring and black smoke.
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At least four large UK pension funds – the National Employment Savings Trust (Nest), which represents about 11m individual workplace pensions, the Universities Superannuation Scheme and the council pensions fund Border to Coast – are expected to vote against the re-election of Lund in protest at the strategy change. BP won cautious praise from climate campaigners in 2020 after setting out a “net zero carbon” plan that included a goal to cut the company’s oil and gas production by 40%, compared with 2019, by the end of the decade. But it reset the target to 25% by 2030 after reporting the highest profits in its 114-year history thanks to soaring oil and gas prices linked to the Ukraine war.
The funds are also expected to vote in favour of a resolution put forward by climate campaigners at Follow This, which calls for BP to align its emissions reduction plans with the Paris agreement. At least four large UK pension funds – the National Employment Savings Trust (Nest), which represents about 11m individual workplace pensions, the Universities Superannuation Scheme and the Border to Coast Pensions Partnership – voted against the re-election of Lund in protest against the strategy change.
The funds also voted in favour of a resolution put forward by climate campaigners at the shareholder group Follow This, which called for BP to align its emissions reduction plans with the 2015 Paris agreement. In total, 16.75% of BP shareholders backed the resolution. This was higher than last year when 14.9% backed the resolution, but it fell short of the 20.6% garnered in 2021.
Mark Van Baal, the founder of Follow This, addressed BP’s executives at the meeting, saying: “Science and responsible investors are clear: to achieve the goal of Paris to limit global warming to 1.5C, the world must almost halve emissions by 2030. BP has many aims, but none of these covers BP’s total emissions by 2030 in absolute terms.”
He added: “Promises for 2050 are empty without meaningful interim targets. Therefore, BP’s overall aims are not Paris-aligned yet.”