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BP paints itself a bit greener

BP paints itself a bit greener

BP made a green grab for investor confidence this month, promising to publish a 'Paris Agreement consistent strategy'

In the often bewildering climate impact world of saying one thing and doing another, BP has finally buckled to investor pressure and made a commitment to be more transparent on climate change. In case you aren't aware, being an honest-ish bastard seems to be a kind of after work sport for big oil, big food and big mining. And there is a very good reason for it.

Increasingly, in a world where the world's biggest investor groups are dumping fossil fuel and mining investments as unsustainable investments, wouldn't you just love to be a fly on the wall of the financial reporting and strategy planning meetings? OK, maybe not.

We got a bit of evidence about what might be going on in these meetings with this BP announcement earlier in the month. While the promise to be 'more consistent with Paris Agreement Strategy' sounds a bit flakey, what isn't flakey is the increasing pressure from investors. And the evidence is mounting that despite the PR rhetoric, behind closed doors, the big end of town is increasingly in step with a greener future, under pressure from consumer demand. 

Personally, I take it as an excellent sign for the planet's future that Unilever is buying up vegan companies, that BP is a major shareholder in Europe's largest solar developer and the owner of the UK's largest EV network. That Shell operates Europe's largest EV network, sells clean power, and owns one of the world's most progressive energy storage firms.

It is also true that while these oil investments are exciting and important, in the scheme of things, they aren't exactly so comparatively big that they are turning BP any greener than its icon paintwork. And if you visit BP's website, right there on the current home page are BP's clearly outlined climate credentials:

BP. COLLABORATING TO ADDRESS CLIMATE CHANGE: MEETING THE CLIMATE CHALLENGE REQUIRES EFFORTS BY ALL – GOVERNMENTS, COMPANIES AND CONSUMERS. WORKING TOGETHER CAN ACCELERATE ACTION. 

Got it? One can only hope that this latest announcement is going to be a tad more intentional and that 'consistent strategy' is consistent with what is best for the planet and not with Scotty from Marketing's dubious climate accounting.

In publicly committing to a Paris Agreement consistent strategy, BP is inviting shareholders to demand it invests a lot more in clean technologies and steadily reduce its exposure to 'poor investments'. 



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