Shareholders have voted against a plan that would have forced BP to strengthen its climate commitments. Part of the disagreement comes to how a business can figure out whether it is following the Paris targets. Rosneft is a major oil producer, yet BP has totally excluded it from the climate goals. Chairman Helge Lund said that BP only owns a 20% stake in Rosneft, so cannot unilaterally make climate decisions. Mr Looney added: “The world is going to be using oil and gas for some time”, adding that “Rosneft’s greenhouse gas intensity is lower than most major oil companies.”PA Media

Source: Irish Independent May 12, 2021 16:52 UTC