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Pension funds press BP and Shell over climate change policy

A group of over 150 major investors in BP, including some of the largest pension funds in the country, have filed a resolution that would force the oil giant to disclose business risks resulting from climate change.

The investors, working as the Aiming for A coalition, filed a similar resolution with Shell last month.

Shareholders will vote for the resolution in the oil firms’ annual general meetings, both of which are taking place in the spring.

The resolutions would require the companies to carry out stress-tests against UN proposals to limit global warming, change bonus systems to disincentivise climate harming business plans, commit to cut emissions, invest in renewal technology and disclose how their public policy aligns addresses climate change risk.

Signatories to the resolutions include local government pension funds, overseas pension funds, charities and church investments groups.

Responsible investment charity ShareAction helped the investors draft the resolution.

Chief executive Catherine Howarth says: “We welcome the leadership shown by this international list of investors in BP and Shell, in a crucial year for climate change decisions and diplomacy.

“Millions of pension savers worldwide will want their pension funds to vote in support, demonstrating true commitment to protecting their members from the risks of climate change. These resolutions put the global investment community to the test on climate change.”

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