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Climate-focused investors irked by BP's pivot back to oil

Climate-focused investors are concerned about BP's pivot back to oil amid record profits and dividend as the company scales back its climate targets. Investment funds managing $68 trillion in assets demand BP align with 2015 Paris Agreement targets.

  • BP's shares have hit their highest in almost four years, gaining around 17% since Tuesday when the group also reported a record profit for 2022 and boosted its dividend.
  • Chief Executive Bernard Looney's strategy revision on Tuesday included a cut to BP's 2030 emissions reduction target.
  • Half of BP's top ten institutional investors are members of CA100+, according to Refinitiv Eikon data.
  • BP did not change its long-term ambition to reduce its emissions to net zero by 2050.
  • Scientists say the world needs to cut greenhouse gas emissions by around 45% by 2030 to have any hope of meeting the 2015 Paris Agreement targets.
Climate-focused investors irked by BP's pivot back to oil
Some climate-focused investors in BP voiced concern this week about the company's announcement that it has scaled back climate targets and now plans to produce more oil and gas for longer, yet the company's share price continued to surge on Friday.