oil

Oil giant BP stands to lose 5 percent of total earnings from declining petrol sales as the market for green fuel technology expands and regulations to reduce CO2 emissions begin to bite. The startling findings are contained in a report by financial analysts Innovest, which is published today by Greenpeace.

Greenpeace today re-issued a challenge to BP to come clean on its climate plans. The campaign group put forward an amended shareholder resolution to BP's April AGM after the company rejected the original - along with three others - on a legal technicality.

The resolution now "directs", rather than "requests", BP's Board to publish a report by the end of 2001 outlining how it will make the transition from fossil fuels to renewable energy, in response to climate change. BP's insistence on this one word change means the document becomes a 'Special Resolution' and requires a three-quarters majority vote from shareholders, rather than a simple majority.

Greenpeace today condemned Chancellor Gordon Brown for cutting taxes on fuels that cause climate change. The campaign group described the duty cuts on climate-wrecking oil-based fuels as undermining the Prime Minister's newly unveiled green ambitions. The Budget failed to establish a comprehensive programme for real green fuels, and failed to meet the demands of health and environment and responsible motoring groups.

Matthew Spencer, Greenpeace Climate Campaigner, said:

BP branding

Oil giant BP has attempted to block four shareholder resolutions on the environment and human rights, due to be debated at the BP AGM on 19th April, using archaic 19th Century case law. The company is attempting to rule the resolutions out of order on a legal technicality.