Collaborating on the dual challenge

I’ll be in Scotland next week for BP’s AGM and I’m looking forward to it for several reasons.

First, we’re holding the meeting in Aberdeen, where I worked early in my career – and have really fond memories of the place.

Aberdeen has been at the forefront of the industry for decades -- and still is today.

As far as BP goes, we’ve been in the city for more than half a century and we have many stakeholders there.  

Holding our AGM in Aberdeen gives them – along with other shareholders -- an opportunity to express their views, which helps us better run the organisation with their interests in mind.

An important resolution

Another reason I’m looking forward to next week is we’re asking shareholders to vote on a really significant special resolution.

We believe our strategy is consistent with the Paris climate goals.

And, if passed, this resolution will require extra reporting to help our investors better understand that too.

It’s an industry-first. And we worked closely with a group of investors called Climate Action 100+, who proposed the resolution.

You can read more about why we support it in a previous post.

Pulling together

The fact that we got to a point where we could all back the resolution shows the benefits of collaboration.

The world faces a dual challenge of providing much more energy while drastically reducing emissions.

This challenge affects everyone.

And the many stakeholders involved all have different views and perspectives on how we get there.

The key is harnessing everyone’s drive and enthusiasm.

We’re working with those outside the industry to find the best ideas and the most effective ways of realizing them. We greatly value the advice, counsel and challenge we get from many different organizations.

Just this week, BP joined a new coalition called the CEO Dialogue.  We’re teaming up with the Environmental Defense Fund, the Nature Conservancy and more than a dozen other US companies and environmental groups to urge the US Congress to advance federal climate policy.

And inside BP, we’re all working hard to advance the energy transition. Those efforts are being led by our people who are really motivated and well-positioned to make a real difference.

The point is that making progress on the energy transition will require action from many quarters.

And I believe we can all do so much more to address the defining issue of our times -- and that BP can help advance the energy transition more effectively -- when we work together.

If you’re in Aberdeen on Tuesday, I look forward to your constructive engagement.

And wherever you are, if you hold BP shares, I urge you to support the Climate Action 100+ resolution.