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.
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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.
On today’s extreme episode of Quick Charge, we’ve got the most affordable new EV in America packing 255 miles of range, sub-30 minute charging, V2H support, and more – all that for a price about $10,000 LESS than that new “affordable” Tesla.
We’ve also got specs for the all-new, all-electric Ferrari Elettrica and a world’s first, hydrogen-powered autonomous farm tractor from Kubota.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.
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If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Momentum, the lifestyle-focused urban bike brand under Giant Group, has just launched the latest version of its popular Vida E+ electric bike – and this one’s all about making e-biking smoother, safer, and more accessible to riders of all experience levels.
The updated Vida E+ features a new 500W SyncDrive Move S motor offering 60Nm of torque and pedal assist up to 28 mph, designed to provide natural-feeling power whether you’re cruising to work or just exploring around town. The system uses a combination of sensors to analyze torque, speed, and cadence, automatically adjusting power output to match your pedaling effort.
According to Momentum, the motor engages with as little as 4Nm of pedal pressure and just 10° of crank movement, giving riders what they describe as an ultra-smooth and effortless start every time.
A new optional throttle adds another layer of convenience, letting riders cruise at speeds up to 20 mph without pedaling, which should be perfect for hills, traffic-heavy starts, or when you just want to relax and take it easy on the way home. The bike’s EnergyPak 700 battery provides up to a claimed 55 miles (88 km) of range on pedal assist or 43 miles (69 km) on throttle-only riding.
The Vida E+ also leans hard into comfort and safety. It sports a low-step aluminum frame for easy on-and-off, an 80 mm suspension fork, and wide 26×2.4-inch tires for stability and plushness. Four-piston hydraulic disc brakes ensure solid stopping power, while a new automatic motor cutoff feature stops assistance as soon as the brakes engage. The bike is UL 2849 certified, meaning it meets top-tier safety standards for batteries and electronics, which is a growing priority in the e-bike world as more cities and states consider requiring safety certification as a prerequisite.
With support for up to 300 pounds (136 kg) total load and optional racks front and rear, the Vida E+ is also built for everyday utility. And on the tech side, momentum’s RideControl app lets riders fine-tune speed and assistance, lock or unlock the bike electronically, and monitor battery health.
The new Momentum Vida E+ is available now through Giant Group’s nationwide dealer network with an MSRP of US$2,480.
Returning from a recall on its previous bike, Giant Group will now have an opportunity to see how the new version of the Momentum Vida E+ will fare.
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VW’s US EV lease deals just went from hero to zero. Federal tax credits are now dead, the automaker has wiped out up to $12,000 in lease incentives on the ID.4, and ended $10,500 in discounts on the ID. Buzz. The move bucks the trend as other brands continue to sweeten their EV lease offers.
As of September 30, 2025, Volkswagen offered up to $12,350 in lease cash on the ID.4, depending on configuration. That included a $7,500 federal lease tax credit for lessees as Bonus Customer Cash, plus $3,500 to $4,850 in Dealer Lease Cash. It made the ID.4 one of the top EV lease deals around.
On October 1, those incentives vanished. While the ID.4 still has a 0% APR equivalent lease rate, drivers lost more than $12,000 in savings overnight. The ID. Buzz took a similar hit. Last month, the 2025 ID. Buzz offered $10,500 off MSRP between the $7,500 tax credit and $3,000 Dealer Lease Cash. Now, almost all lease cash is gone. VW Credit is offering just $750 in Dealer Lease Cash, and weirdly, not on models with two-tone paint. According to CarsDirect’s lease calculator, the lowest-priced ID. Buzz trim now carries an effective monthly cost topping $1,000 — a considerable jump.
For comparison, the ID. Buzz Pro S was previously advertised at $589 a month for 36 months with $5,999 due at signing, or an effective monthly cost of $756.
The ID.4 lease once cost just $233 a month, making it one of the cheapest EVs to lease. According to updated estimates, that figure is now north of $800 – that’s hair-raising.
Meanwhile, VW’s rivals are going in the opposite direction. Ford extended its Mustang Mach-E lease deals through early January. Subaru’s updated 2026 Solterra still qualifies for the $7,500 lease credit, and Jeep replaced the expiring EV lease credit with equivalent bonus cash.
If you really want a Volkswagen, though, there’s some good news: financing deals haven’t changed. The 2025 ID.4 continues to offer 0% APR for 72 months, and buyers of the ID. Buzz can still get up to $3,250 in Bonus Customer Cash through November 3, a perk unavailable to lessees.
It kinda seems like VW doesn’t want to lease their EVs anymore…?? Let me know your thoughts in the comments below.
Read more: From $189 a month: 5 of the best EV lease deals in October
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
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