Two of the UK’s largest pension schemes will vote against the election of top directors at BP Plc and Shell Plc at their annual meetings unless both companies improve their commitments to tackling carbon emissions, the Financial Times reported on Sunday.
The plan by the Britain’s Universities Superannuation Scheme (USS) and Borders to Coast, which together oversee 130 billion pounds (USD 156.36 billion) in assets, was part of efforts to push oil companies and banks to make faster progress on climate change pledges, the report added.
Shell and BP did not immediately respond to a Reuters request for comment.
BP said previously it aimed to cut emissions from fuels sold to customers to 20% to 30% by 2030, less than an earlier target of a 35% to 40% reduction, and it planned to reduce its total emissions to net zero by 2050.
Shell has pledged to be a net zero carbon company by 2050 and has said its overall carbon emissions peaked in 2018 at around 1.7 billion tonnes.