Lens on BP Plc and Powerhouse Energy Amid Divergent Climate Change Developments

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Lens on BP Plc and Powerhouse Energy Amid Divergent Climate Change Developments

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 Lens on BP Plc and Powerhouse Energy Amid Divergent Climate Change Developments
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Summary

  • Shareholders of BP Plc voted against a resolution to take the company closer to achieving its climate commitments.
  • Over 79 per cent of total shareholders opposed a proposal placed by a shareholder group.
  • Powerhouse Energy Group Plc would provide a loan of up to £3.8 million to Protos Plastics.

The shareholders of BP Plc (LON: BP) have voted against a resolution that could have taken the company closer to achieving its climate commitments. A proposal calling for a more concerted effort on climate change was defeated by its shareholders at the company’s annual general meeting.

More than 79 per cent shareholders voted against a proposal placed by the shareholder group Follow This, an organisation that prods oil companies to cut down on their emissions. BP said around 21 per cent shareholders voted in favour of the proposal.

Also read: Focus on 5 High Dividend Yield FTSE Oil & Gas Stocks

According to the Dutch activist group, BP’s emission goals were not in line with the 2015 Paris climate change agreement. However, it was unable to convince sufficient number of shareholders to back a motion forcing the company to come up with targets in accord with Paris and would thereby help in restricting global warming to lower than 2°C.

The company said that though the resolution on climate change did not get approved, the company recognised that at least 20.65 per cent voted in favour of the resolution. It said that the company would continue to engage with shareholders on this and would publish an update, following the UK Corporate Governance Code, within six months.

Follow This, the shareholders’ group, however, said that BP should start at the very beginning and disrupt its current business plans that involve increasing emissions.

(Source: Refinitiv, Thomson Reuters)

The shares of BP (LON: BP) were trading at GBX 305.50, down by 3.28 per cent on 13 May at 10:51 GMT+1.

Powerhouse Energy Group enter into a loan agreement with Protos

In another development relating to climate change, the sustainable hydrogen technology firm Powerhouse Energy Group Plc (LON:PHE) would provide a loan of up to £3.8 million to Protos Plastics to Hydrogen No 1 Ltd.

Also read: Lens On 3 FTSE AIM Energy Stocks After the UK Focuses on Clean Growth Trade

The loan facility would be available for six months and has been set at 2 per cent above the Bank of England’s base rate annually, accrued on a daily basis. The loan would be used to develop the Protos plant is the first commercial application of the company’s waste to hydrogen technology.

Powerhouse’s executive chair Tim Yeo said the company was confident that the loan facility would help in adhering to Protos’ delivery timeline. He said that the plant was modular most of the project fabrication activities of the company would get covered in these contracts.

(Source: Refinitiv, Thomson Reuters)

The shares of Powerhouse were trading at GBX 4.55, down by 8.08 per cent on 13 May at 10:52 GMT+1.

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