A coalition of major City investors have emerged as key players in forcing BP to be more transparent in how it fights climate change. Investors holding just under a tenth of all BP shares, equivalent to more than £10bn in value at Monday’s prices, put their names to the shareholder resolution, to be voted on at the company’s annual meeting next week, the Climate Action 100+ investor group revealed on Tuesday. The resolution is thought to represent the strongest level of support for a climate-related resolution at a major publicly listed company. Under the Climate Action 100+ resolution, BP will have to provide a detailed strategy on how it will comply with the Paris agreement, the global deal reached in 2015 on climate change.
Guardian 14th May 2019 read more »
Energy Voice 14th May 2019 read more »
Last week, the UK was powered without a single lump of coal being burned. It’s not only the protesters who have filled our TV screens and pavements recently who are demanding that climate change is taken seriously. The UK is moving into a world of cleaner, decentralised energy supply – but how that world will be financed and managed is up for the taking. Our eyes are set on the asset management industry. Whilst we are still some way off living in a post-oil and gas world, last week made a “zero carbon UK” seem that bit more plausible; oil majors that haven’t already started to move into low-carbon and renewable energy will soon have to do so as investor pressure increases.
Telegraph 13th May 2019 read more »
Britain has enough coal stockpiled at power stations to fuel them until they are shut down forever, according to new analysis that undermines the case for a new coal mine in Northumberland. Friends of the Earth, the environmental campaign group, said that updated government figures had slashed the forecasts for the amount of electricity Britain’s remaining coal plants were likely to generate in coming years. As a result, “coal stocks held at power stations are more than enough to generate the projected amount of electricity”, it calculated. The group is campaigning against plans for a new open-cast coal mine near Druridge Bay in Northumberland, where the Banks Group hopes to extract three million tonnes of coal. Permission for the mine has been delayed amid a length process of inquiries and appeals.
Times 14th May 2019 read more »