BP Shareholders Unhappy With Green Strategy
By Paul Homewood
h/t Doug Brodie
For too long activist green investors have been the tail wagging the dog.
Hopefully this is the start of a fightback:
Almost all of BP’s biggest shareholders are unhappy with its shift to green energy, an activist investor has claimed, amid a growing backlash over the oil giant’s focus on net zero targets.
Giuseppe Bivona, chief investment officer of Bluebell Capital, which has a minority stake in BP, said he had spent the past three weeks talking to many of the company’s top 30 investors.
He said: “With only the exception of one shareholder, I am still to find someone who supports BP in its entirety.”
Bluebell is spearheading a brewing investor revolt after sending a 30-page letter to the FTSE 100 company in January.
In the letter it urged BP to halt investment in renewable energy schemes, prioritise oil and gas production, and rewrite net zero targets to clarify that they will be achieved “in line with society”.
BP has been under increasing pressure over net zero commitments that have allegedly left shareholders £40bn poorer.
Mr Bivona said he plans to share negative feedback with BP on a no-name basis, which he said will “clearly expose them to the fact that many investors are sympathetic to what we are saying”.
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NOT A LOT OF PEOPLE KNOW THAT 
‘Investing’ in renewables is for losers once the subsidies run out.
I think it also applies to small investors, such as me.
True. Although other than expressing my view on ESG investing to the mutual fund company there is little to be done.
Huh, those people in the CITY, stockbrokers an a’ that, Must be real stupid in the real world … Could have told them all that a LOOOOONNNGGG time ago. Pity they don’t listen to those in the real world … My Pension fund ? ,,,,
What did I read this morning? …. Many industrial Bankruptcies to follow in the wake of this wokeness, …BTW 18C for over an hour today from 13.30GMT,
RAF Kinloss showing 16C even now at 16:00pm. Positively balmy
I bought a modest holding in BP in February 2020 thinking that the future for oil and gas was bright and that the company’s green madness would eventually get ditched. Sadly, the new boss sounds almost as “Looney” as his predecessor, recently given the boot. At least my investment has held up in value and pays a useful dividend of almost 5%.
You can get 5% in a savings account with no risk
I invested in BP because I considered it to be hugely undervalued and I think that is still the case today, assuming that sanity eventually prevails. If it doesn’t, we are all doomed.
Shares can be held in an ISA so your income is tax free and so is any gain you make. This is more important now since the socialist chancellor kHunt has reduced the tax free allowances. Interests rates are likely to reduce during the course of the year.
And no upside. But plenty of interest rate risk.
The Net Zero activists have infiltrated many of the PLC Boards and are set to wreak carnage in the performance of many of the leading companies across the world. Unless we stand up to them they will destroy the industrial base of the Western world and the only countries who will benefit will be countries like China, India and Russia, ie non democratic countries run by dictators who are probably funding many of these activists.
I urge all investors who have shares in the key companies being affected to check their mission statements and send formal letters of complaint wherever the green blob are trying to impose their insane net zero agendas.
Steve Milloy (junkscience.com) has been waging war with Exxon greenies at annual meetings for many years.
Expensive and pointless. Every reason for demanding the head of the authors of the policy. Disingenuous behaviour by a major player in the fuel sector and to what end? No virtue to be gained just serious doubt about business strategy and boardroom members’ naivety.
About as impressive if ‘big tobacco’ invested in the air purifying industry.
The nut zero bubble is about to burst. We’re about to see a run on green as investors try to divest themselves of these stupid green investments.
I doubt it. Labour will go further, faster. The EU is completely committed. Biden (or whomever it is actually runs the government) will double down if he gets back in.
The BP website is embarrassing until you get to the energy tables which reflect the real world and can’t be woked
Short Octopus Energy
Getting its tentacles into too many things and getting overstretched.
Meanwhile over at Shell
Shell bets on Paris Climate Agreement failure (current-news.co.uk)
I still have this worry about Net Zero. I see a lot of stuff about Net Zero Goals but no numbers or plans. Let’s take something - erm – er- oh yes – AVIATION. How is aviation to be decarbonised ? I cup my ear?
For the 2nd year in a row, I got the online proxy packet from Dow Chemical with nothing but how woke and “inclusive” they are. Nothing in profiles for the board reflected anything about WHY they are qualified to be on the board of a CHEMICAL company. Rather it was a litany of how woke and supportive of various flavors of mental illness they are. How they identify, etc.
Using my best AWAKE identity, I voted against everyone and everything on the list.
We should remember that all of the transportation being done to transition to renewables and EVs is using conventional vehicles that run on fossil fuels. That means more oil will be required. So, investments in well-managed oil companies, especially those with reserves in the ground are likely to do well until the transition is completed. Those politicians and climate activists will do their best but will fail in the face of reality. There are no substitutes for gasolines and renewable biofuels.