The Strategist

BP to sell several oil projects to comply with Paris Climate Agreement

09/13/2019 - 04:11

BP CEO Robert Dudley is planning to sell several oil projects and cut production on some other sites to comply with the Paris climate agreement, Bloomberg reports.

Mike Mozart via flickr
Mike Mozart via flickr
At a teleconference, Dudley said the BP management was exploring the possibility of exiting projects with maximum carbon dioxide emissions, but did not name them. He also said that the company would “refuse” from a number of other projects. The issue has been discussed over the past few days.

Head of the company expressed confidence that BP would be able to fulfill the conditions of the Paris Agreement.

Dudley made these statements amid growing criticism of the entire oil industry for its impact on climate change.

In May, BP shareholders almost unanimously voted to oblige the company to report on how its new investments relate to the Paris Agreement. The report will be presented before the next annual meeting of shareholders, which will be held in May 2020.

The Paris Agreement was approved in December 2015. The participating countries pledged to take measures to reduce carbon dioxide emissions into the atmosphere.