Oil major BP braces itself for shareholder revolt after scaling back its climate targets
BP, which was one of the first energy giants to announce an ambition to cut emissions to net zero “by 2050 or sooner,” has urged shareholders to oppose the resolution put forward by Follow This.
Sopa Images | Lightrocket | Getty Images
BP is bracing itself for a shareholder revolt at its annual general meeting on Thursday — some of the U.K.’s biggest pension funds are planning to ratchet up the pressure on the oil major after it rolled back its emission reduction targets in the wake of record profits.
Dutch group Follow This, a small activist investor and campaign group with stakes in several Big Oil companies, has tabled a resolution at BP’s shareholder meeting.
It calls on the energy giant to align its climate targets with the landmark Paris climate accord and commit to absolute carbon emissions cuts by 2030. Those emissions cuts, Follow This says, should include emissions generated by customers’ use of their oil and gas, known as Scope 3 emissions.
The National Employment Savings Trust, the U.K.’s largest pension fund, the Universities Superannuation Scheme, Border to Coast and Britain’s Local Authority Pension Fund Forum have all indicated they will support the resolution.
Meanwhile, a separate shareholder rebellion could see some pension funds vote against the reappointment of chairman Helge Lund in response to the firm’s move to scale back its green pledges without shareholder consent.
A spokesperson for BP did not respond to a CNBC request for comment.
Follow This says it expects BP’s annual general meeting to be a “contentious” one, warning investors will be “rightfully concerned” about BP dialing back its climate strategy amid an ever-worsening climate crisis.
“We trust that investors who hoped that voting was not necessary in 2022, now realise that voting is crucial to compel BP to align with Paris,” Mark van Baal, founder of Follow This, said ahead of BP’s annual general meeting.
“Paris-aligned voting has to regain momentum in 2023.”
BP, which was one of the first energy giants to announce an ambition to cut emissions to net zero “by 2050 or sooner,” has urged shareholders to oppose the resolution put forward by Follow This, saying it encroaches on the board’s responsibility and accountability for the firm’s strategy.
It also described the resolution as “unclear,” “simplistic” and “disruptive.”
Proxy advisors ISS and Glass Lewis have recommended that shareholders of BP vote against the resolution tabled by Follow This. So, too, has Norway’s $1.4 trillion sovereign wealth fund, Reuters reported last week.
‘Very deep frustration’
Scientists have repeatedly warned that time is rapidly running out to stave off the worst of what the climate emergency has in store.
To be sure, the burning of fossil fuels, such as oil, gas and coal, is the chief driver of the climate crisis.
For investors, a warming planet is seen as a growing investment risk to their portfolios, and many shareholders are calling for improved disclosure from companies on what these risks are and how they are planning to mitigate them.
Lindsey Stewart, director of investment stewardship research at Morningstar, said that pension funds potentially voting against the reappointment of BP Chairman Helge Lund were “a good example” that investors intend to hold specific directors accountable for companies’ net-zero strategies this year.
“In investment stewardship, voting against a company chair is one of the strongest escalations a shareholder can implement. So, there’s clearly very deep frustration on the part of the pension funds who intend to vote against Helge Lund’s re-election as chair,” Stewart said.
BP had previously pledged emissions would be 35% to 40% lower by the end of the decade. It said on Feb. 7, however, that it was now targeting a 20% to 30% cut, saying it needed to keep investing in oil and gas to meet demand.
Morningstar’s Stewart said many BP shareholders were dissatisfied with the firm’s decision to adopt less ambitious net-zero goals without giving shareholders the opportunity to vote.
Bumper profits
Energy giants came under immense pressure from shareholders and activists to invest in clean energy as oil demand cratered during the peak of 2020 lockdowns.
But when the West’s five largest oil companies raked in combined profits of nearly $200 billion in 2022 as fossil fuel prices surged after Russia’s full-scale invasion of Ukraine, the push toward green reform lost momentum.
After ultimately failing with several climate resolutions in 2022, Follow This’ van Baal told CNBC earlier this year that it was clear from discussions with oil majors that they were once again determined to fend off activist and shareholder pressure and continue with their core oil and gas businesses.
Velotric has continued to regularly update its popular e-bike models, with the latest launch today bringing us the Nomad 2. This fat tire adventure bike carries a host of new features and components, offering a powerful yet comfortable ride on both city streets and off-road trails.
The Velotric Nomad 2 sports a 750W nominally-rated motor with a true 90 Nm of torque. In other words, it’s designed to eat hills for breakfast and lay down some real power when riders need it most. And with both throttle-activated control and 15 levels of responsive pedal assist, that power can be dialed in to the right level for each rider’s own taste. And with a maximum speed of 28 mph, the bike is fast enough to keep up with traffic… when riders aren’t enjoying a relaxing trail ride.
Speaking of pedal assist, Velotric offers what they call SensorSwap, a feature in the pedal assist system that uses both a cadence sensor and a torque sensor and allows riders to select which sensor is being used at any time. The former allows riders to pedal easily while still getting impressive power output from the motor, while the latter offers more intuitive riding that provides a more natural feeling akin to pedaling a bike with extra powerful legs.
Torque sensors are often considered superior for their more refined experience, but cadense sensors are still praised by riders who don’t want to put in the extra effort required by torque sensors. With a torque sensor, the rider’s pedaling effort is multiplied, but a cadense sensor lets riders feel like they’re pedaling without needing to actually provide as much of their own ‘oomph’.
The Nomad 2’s design includes off-road features such as 26×4.0″ tires, a 100mm travel hydraulic suspension fork, and an included parallel linkage suspension seat post.
Combined with the powerful motor that offers 1,000 lb of towing capacity (plus 505 lb of payload), the 75 lb e-bike is built to handle just about anything, and that includes nearly any trail.
“Sometimes the road less traveled is the better one,” says Adam Zhang, the CEO of Velotric. “Nomad 2 speaks to those who love the journey, and the occasional detour! Whether you’re climbing trails, hauling heavy loads, or simply cruising, our latest bike gives you the freedom to ride further, faster, and more comfortably than ever before.”
And since off-road adventures often don’t have clear-cut end times, the bike offers 65 miles of maximum range thanks to the 48V and 14.7 Ah battery with 705 Wh of capacity. That battery is UL-listed and IPX7 waterproof, meaning you can dunk it in water. I’ve done exactly that with Velotric batteries before and they’ve survived for many more rides.
Rounding out the feature list includes a 3.5″ color display, Bluetooth connectivity, USB-C phone charger, 500 lumen headlight, tail light with turn signals, included rear rack with fenders, hydraulic disc brakes, an 8-speed Shimano transmission, and more.
The Velotric Nomad 2 is priced at $1,999 and went on sale today.
Riders can snag it in two sizes with four color options, and with a choice between a high-step and a step-through frame style.
FTC: We use income earning auto affiliate links. More.
A Tesla store in New York City has been taken over by people protesting Elon Musk – disrupting the operations.
As we have reported over the last few weeks, there’s a growing movement called “Tesla Takedown,” under which grassroots protests are being organized at Tesla stores around the world.
There have been many more protests this weekend. Some of them had truly impressive turnouts.
For example, hundreds of people showed up to protest at Tesla’s Tuscon location (via Andy Flach):
These protests have been peaceful and legal, but there have been a few exceptions.
At Tesla’s Manhattan store in New York City today, some protestors managed to get inside the store and it started to cause problems.
Here’s a video (via Oliya Scootercaster ):
About 300 people showed up to the protests. Most of them stayed protesting peacefully outside, but a handful of people got in and Tesla employees had to close the stores as more tried to get in.
The police confirmed having arrested 9 people, but the charges are not clear as of now.
In videos of the aftermath, it looks like a few glass doors and windows were broken.
Similar protests have been reported in most major cities in the US and they are planned for the next few weeks.
Electrek’s Take
This is getting bigger and still gaining momentum. I’m honestly surprised by the response. I thought it would last weekend with a few dozen people at a few stores and that’s it.
But it looks like now thousands of people are getting active and it’s becoming a real problem for Tesla.
Enough to get the board to act and remove Elon Musk? I doubt it. Elon has done plenty of fireable offenses and they haven’t even blinked – because they are all in Elon’s pockets.
I think the stock price is the only thing that can really get things moving.
FTC: We use income earning auto affiliate links. More.
Electrifying your commercial fleet is a tricky thing. Sure, you want to cut your fuel costs. You want to reduce your operating variables. Heck you you even want to help corporate meet their ESG goals – but where do you start? MAN Trucks is here to help fleet managers get answers.
As more and more heavy trucking fleets begin to deploy electric assets, they’re proving that operators’ range anxiety may be a myth on most routes. That’s true enough here in North America, and truer still in Europe where distances between cities are condensed and trucks like the Mercedes eActros and Renault E-Tech T semi roam.
MAN Trucks are also a popular choice in Europe, and their leadership – unlike most in the industry – have been especially vocal in their criticism of hydrogen, and have fully embraced battery-electric vehicles. As such, it’s no wonder that the company took to LinkedIn to announce its MAN electric commercial vehicles consultation team.
“It’s Full Power here with the MAN electric commercial vehicles consultation team,” writes Roger Turnbull, Head of EV Truck Consultation at MAN Truck. “After another busy week of meetings presenting to haulage and transport organizations of all sizes across the UK – you can feel the EV interest and enthusiasm growing.”
MAN Trucks’ consultation team helps commercial fleet operators in Europe and the UK fully understand the needs of their fleet, analyzes their fuel and maintenance costs, and helps them get a better understanding of what fleet assets are prime candidates for electrification, and what sort of charging solutions might work best for their operations – and that doesn’t always mean on-site charging.
With the capacity for onsite charging now becoming a reality for many plus proof that operators range anxiety maybe a myth on most routes, our industry is already stepping up a gear to find out more.
ROGER TURNBULL, MAN TRUCKS
Off-site charging solutions like those offered by Voltera and Zeem here in the US seem to be somewhat less common in Europe, but the electric trucking infrastructure as-a-whole seems to be a step or two ahead. That, combined with generally higher fuel costs compared to the US, make it a bit easier for fleets to electrify. And MAN will help them see that.
The best part? MAN’s consultation is free, and requires no obligation to buy. “Your MAN EV Consultation Team in the UK offer free information, advice and support,” offers Turnbull. “[Everything] from the basics to multi-vehicle using multiple site locations. Factually checked and honest.”
You can’t do much better than free, right?
Electrek’s Take
Fleet assessments and fleet asset audits are crucial steps on the path to successful fleet electrification. These comprehensive evaluations provide fleet operators with valuable insights into their current fleet operations, energy consumption patterns, and infrastructure needs. By carefully analyzing this data, fleet managers can make informed decisions about which vehicles to prioritize for electrification while minimizing the potential for “surprises” once the trucks are delivered and the funds are tied up.
If you’re a fleet manager reading this, you should get a fleet energy analysis set up soon – whether you’re planning to electrify or not.
SOURCE | PHOTOS: MAN Trucks.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports11 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway