BP investment case splits ESG fund market

A logo stands outside BP Plc's International Centre for Business & Technology (ICBT) in Sunbury on Thames, U.K., on Thursday, July 19, 2018. Bernard Looney, BP's upstream chief executive officer, suggests much of the recent cost reductions have to do with tech's increasing ability to let them do more for less. Photographer: Simon Dawson/Bloomberg

LONDON: As Elliott Investment Management pressures BP Plc to abandon its renewable-energy ambitions, environmental, social and governance (ESG) fund managers can’t agree on how to treat the British oil giant. 

BP’s pledge to beef up investments in oil and gas – and slash its commitments to renewable energy – has coincided with ESG fund inflows into the company of US$200mil since late February.