BP

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.

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.

As BP today announced fourth quarter profits of $4.1 billion - and a net profit for 2000 of over $14.2 billion - Greenpeace demanded that the company immediately increase its "miserly" investment in renewable energy.

Stephanie Tunmore, Climate Campaigner at Greenpeace, said "These obscene profits are being generated at the expense of the world's climate. We will all eventually pay the price as more frequent floods, storms and extreme weather events take their toll. This money should be ploughed straight back into expanding renewable energy to mitigate climate change. If BP won't do this of its own volition, then the Government should ensure it happens with stringent taxes."

BP today took out a restraining order against 25 people on board the Greenpeace ship, the MV Arctic Sunrise, to stop them protecting the climate. The Arctic Sunrise was blockading a 130-metre sea barge to prevent it docking at BP's controversial Arctic oil project, Northstar. Greenpeace's 50 metre icebreaker had positioned itself adjacent to the offshore drilling island to stop the barge from off-loading BP's new control centre and accommodation module when BP served an injunction on the ship and its crew.

Beaufort Sea, Alaska, 3pm local time - Five Greenpeace activists were today arrested by Alaska State Troopers while occupying a barge working for BP in the Arctic Ocean. The 130-metre barge carrying a control centre and accommodation module was en-route to BP's controversial Northstar oil installation. The five Greenpeace activists, three from the UK and two from the US, had occupied the barge for 39 hours.