An activist group has withdrawn a shareholder resolution urging BP to adhere to the Paris climate agreement after the oil and gas company agreed to work together on a joint resolution.
BP and climate-focused Follow This have agreed to jointly draft a shareholder resolution on BP’s climate goals for its 2021 annual general meeting (AGM), they said in a statement on Friday.
Follow This agreed to pull a resolution it filed independently ahead of BP’s 2020 AGM, planned for May.
The move comes after BP Chief Executive Officer Bernard Looney outlined shortly after taking office in February plans to reduce greenhouse gas emissions from BP’s own oil and gas production to net zero by 2050.
Follow This, which owns minor stakes in companies which enables it to file shareholder resolutions, has also filed shareholder resolutions on climate with U.S. giants ExxonMobil, Chevron and their European rivals Royal Dutch Shell and Equinor.