Investors Rebel Against BP and Woodside's Climate Targets

BP is facing a shareholder revolt at its annual general meeting over its decision to scale back its emission reduction targets. Dutch activist investor Follow This has tabled a resolution calling on BP to align its climate targets with the Paris climate accord and commit to absolute carbon emissions cuts by 2030. Some of the UK's biggest pension funds, including the National Employment Savings Trust and the Universities Superannuation Scheme, have indicated they will support the resolution. BP has urged shareholders to oppose the resolution, saying it encroaches on the board's responsibility and accountability for the firm's strategy.