British Petroleum Faces Rebellion Over Its Climate Plan

Members of Britain's largest pension funds are voting to refuse the reappointment of the head of British Petroleum (BP) due to a decision made to weaken its climate plans. This comes after the energy giant reduced its original target for emission reductions by a specified percentage by the end of the decade. The five pension fund members, who are all shareholders in BP, criticized the “management failure” ahead of the company’s annual meeting on Thursday. The company stated that it values “the challenge and constructive engagement.” Shareholders had agreed on the original emission reduction target in 2022, which included a commitment to reduce greenhouse gas emissions by 35-40 percent by the end of this decade.