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.
Zoox has announced a partnership with Resorts World Las Vegas, the first official agreement between a robotaxi provider and a Vegas resort property.
Zoox remains one of the more exciting autonomous rideshare developers we follow on Electrek. It may not be the largest or most expanded robotaxi company, but Zoox has something operating on roads that none of its competitors have been able to do—a purpose-built vehicle.
Earlier this month, Zoox announced an expansion of its testing fleet (not the purpose-built robotaxis) into its seventh US city, Atlanta. The expansion now includes Austin, Seattle, Miami, Los Angeles, and the San Francisco Bay Area.
In the summer of 2023, Zoox expanded its robotaxi operations to Las Vegas, beginning on a one-mile loop at speeds up to 35 mph. By March 2024, Zoox has expanded its robotaxi geofence to five miles from Zoox’s headquarters to the south end of the strip, with multiple routes available in between, at speeds up to 45 mph.
Zoox also bolstered its robotaxi perception system for inclement weather and adjustments between day and night on the road. This expanded operational hours, including nighttime and continued service under light rain and damp road conditions.
At that time, Zoox said it was closer than ever to commercial operations and paid customer rides. It’s still not there yet in Las Vegas, but Zoox has announced an interesting new partnership, which should help get more passengers on the strip into its robotaxis while gathering additional feedback
Select riders can hail a free Zoox robotaxi in Las Vegas
Resorts World Las Vegas announced Zoox as its first-ever official robotaxi partner. This partnership entails a dedicated and branded pickup and drop-off location for autonomous ride-hailing service at the resort and an “experiential activation” within the resort.
After becoming the first company to operate a purpose-built robotaxi on public roads in Las Vegas, Zoox is now the first of such rideshare providers to sign an official partnership with a Vegas resort. Zoox hopes its unique four passenger robotaxi with no steering wheel or pedals will add to the overall experience of Resorts World guests wanting to explore other parts of the strip. Per Zoox’s chief product officer Michael White:
Zoox and Resorts World share a joint focus on creating superior customer experiences. When visitors ride with Zoox, they’ll find the service offers an extension of the signature hospitality they’ve come to expect from Resorts World’s collection of premium brands, including Hilton, Conrad, and Crockfords. This partnership will allow us to enhance the overall guest journey, adding to their Las Vegas experience with personalized mobility.
To that note, Resorts World Las Vegas president and CFO Carlos Castro shared a similar sentiment about Zoox’s technology and how it can add to the world of premium hospitality, much of which Vegas has become renowned for:
At Resorts World, we seek partners that align with our vision of what the future of guest experiences can be. This collaboration with Zoox reflects our commitment to integrating technology solutions that elevate our service offerings and enhance how guests experience our property. By welcoming Zoox robotaxis into our transportation ecosystem, we’re creating new possibilities for our guests, while reinforcing Las Vegas’s position as a global innovation hub.
There is a catch.
Since Zoox has not yet been commercially launched for paid public rides in Las Vegas, interested riders must sign up for the company’s Explorer program. This program invites select riders to experience the Zoox robotaxi for free and provide feedback.
The company plans to open its robotaxi service to the general public in Las Vegas later this year.
I’m going to try to get on the Zoox Explorer list and test one of these rides out in Las Vegas… you know… for research purposes.
FTC: We use income earning auto affiliate links. More.
![Texas just shot its wind + solar boom in the foot on purpose [Update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2023/12/czNmcy1wcml2YXRlL3Jhd3BpeGVsX2ltYWdlcy93ZWJzaXRlX2NvbnRlbnQvZmwzNjM4Njg2NjM3MC1pbWFnZS5qcGc.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Texas is No. 2 in the US for wind and solar capacity, but the Texas Senate passed a bill that aims to kneecap clean energy with an industry-killing review process. Here’s what happened in the House.
May 28, 2025: The Senate passed SB 819, which would have created prohibitive new restrictions on wind and solar energy development that didn’t apply to any other form of energy. But it failed to meet deadlines that would have allowed it to progress in the House, so it’s now dead in the water. (Good riddance.)
SB 388 and SB 715, also anti-renewable, also died in the House of Representatives for the same reason. SB 388 would have required 50% of new energy generation to be “dispatchable,” but the bill unfairly excluded battery storage as a form of dispatchable energy. SB 715 wanted to require existing renewable energy installations to install backup energy.
Adrian Shelley, Texas director of Public Citizen, said, “The failure of these three bills is a victory for ratepayers. It is also a tacit recognition by a legislature that is too friendly to fossil fuels that renewable energy sources are an indispensable part of powering the state.”
April 15, 2025: The Texas Senate today passed SB 819, which creates new restrictions on the development of wind and solar energy under the guise of “protecting” wildlife. The restrictions don’t apply to any other forms of energy.
Texas uses an extraordinary amount of power, and renewables play a big part in supplying that power. The Texas Tribune reported in March that “ERCOT [the Texas grid] predicts that Texas’ energy demand will nearly double by 2030, with power supply projected to fall short of peak demand in a worst-case scenario beginning in summer 2026.” That’s because of extreme weather, population growth, and crypto-mining facilities.
As of February, Texas increased its energy supply by 35% over the last four years, and 92% of that supply came from solar, wind, and battery storage.
Solar is the largest source of energy generating capacity that has been added to the Texas grid. That’s because it’s cost-effective and it can be deployed quickly. So if new solar projects are kneecapped, power demand will outstrip supply in the Lone Star State.
Daniel Giese, Solar Energy Industries Association (SEIA)’s Texas director of state affairs, stated after the Senate’s vote, “With energy demand rising fast, Texas needs every megawatt it can generate to keep the lights on and our economy strong. We cannot afford to turn away from the pro-energy and pro-business policies that made the Lone Star State the energy capital, but that’s exactly what SB 819 does. We urge the Texas House to reject this bill.”
Less clean energy would also jack up electricity bills for Texans, and rural areas would lose billions in landowner revenue and tax payments. Every time a wind farm or solar farm is installed on rural land, it brings a lot of money to the community that surrounds it. A January report estimated that existing and planned solar, wind, and battery storage projects will contribute $20 billion in local tax revenue and $29.5 billion in landowner payments.
What’s especially baffling about this bill is that it flies in the face of a core Texas value – keeping the government out of private property decisions – yet it does precisely the opposite.
Environment Texas executive director Luke Metzger issued the following response: ‘By making it much more difficult to build wind and solar energy in Texas, this bill threatens to increase pollution, increase blackouts and increase our electric bills.
“Under the guise of helping land and wildlife, SB 819 would create a discriminatory and capricious permitting standard that could grind renewable energy development to a halt.
“We urge the House of Representatives to reject this bill and instead support policies that promote a cleaner, more sustainable energy future for all Texans.”
It will come as no surprise to regular readers that I find this bill ludicrously masochistic. Let me know your thoughts in the comments below, and please keep it civil.
Read more: A vast 600 MW Texas solar farm just hit a major milestone [update]
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to 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. They have 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 you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
Chevy is making it more affordable to drive off in one of its new EVs. With new incentives, you can now snag a 2025 Chevy Silverado EV for much less than a Tesla Cybertruck. The Equinox and Blazer EVs are also on sale this month.
Chevy EVs are getting more affordable
With the electric Silverado, Equinox, and Blazer rolling out, Chevy is now the fastest-growing EV brand in the US.
In the first quarter, GM sold 10,329 Chevy Equinox, 6,187 Blazer, and 2,383 Silverado EVs in the US. Arguably, the biggest reason behind the brand’s success is affordability.
Starting at just $34,995, GM calls the 2025 Chevy Equinox EV “America’s most affordable 315+ range EV. The base LT FWD model has an EPA-estimated range of 319 miles, more than enough for your typical daily commute.
Chevy launched new deals ahead of Memorial Day, making its EVs even more affordable. After cutting interest rates to 0% APR, Chevy’s electric pickup is significantly cheaper to finance than the Tesla Cybertruck.
The 2025 Chevy Silverado EV is now listed at 0% APR for 60 months, plus you can still take advantage of the potential $7,500 federal EV tax credit.
According to CarsDirect, the rate cut on a 5-year loan could translate to almost $5,300 in savings. The Cybertruck has a 5-year interest rate of 5.49%.
Chevy is offering 0% APR on all electric vehicles, including the 2025 Equinox and Blazer EVs. Both are also eligible for the $7,500 EV tax credit.
The 2025 Equinox EV FWD LT remains one of the best deals right now, with monthly leases starting at just $289. The 2LT model may be an even better deal at just $299 per month.
Chevy is offering leases as low as $399 per month on the 2024 Blazer EV and $849 per month for the 2024 Silverado EV Crew 4WD RST.
Thinking about trying out Chevy’s new EV lineup for yourself? We’ll help you get started. Check out our links below to find Silverado, Equinox, and Blazer EVs at a dealer near you.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 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
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway