BP’s decision will come as they set some of the most ambitious targets among large oil companies to cut their oil and gas production by 40 per cent by 2030 in order to invest in green energy.
Competitors like Shell and Norwegian company Equinor have already cut back their own green energy investment plans, as US President Donald Trump’s “drill baby drill” ethos has placed a renewed focus on fossil fuel and a move away from low carbon projects.
Since 2020, when the ambitious energy targets were set in stone, BP has underperformed with shareholders receiving total returns including dividends of 36 per cent over the last five years.
A spokesperson for one of the signatories, Royal London Asset Management, said: "As long-term shareholders, we recognise BP's past efforts toward energy transition but remain concerned about the company's continued investment in fossil fuel expansion.".
BP is under pressure to perform, especially as influential group Elliott Management has built a stake of nearly five per cent to push for investment in oil and gas.
