Before BP’s writedown, the group’s letter to the British oil major said: “We have concerns that, at present, BP’s accounts may be overlooking material climate considerations, and consequently potentially overstating both performance and capital.” The same language was used with Shell and Total.
LONDON: Investors managing £1.8 trillion (US$2.2 trillion) in assets are widening a campaign pressing oil majors to better reflect climate risks in their accounting, and will soon target other businesses with heavy fossil fuel exposure, the group said yesterday.
The investors believe their campaign is working, noting the “hugely important” news of BP joining other oil majors in lowering the value of its assets amid a global transition to cleaner energy, said Natasha Landell-Mills, head of stewardship at asset manager Sarasin & Partners.
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