My question put to the #BPAGM today. Climate change discounted 100% in the risk register

[slightly edited] I welcome, Mr Dudley (Bob Dudley, CEO of BP), your acknowledgement that, in the Athabasca Basin, steam assisted gravity drainage (SAGD) of bitumen from tar sands will produce “slightly” higher greenhouse gas (GHG) emissions than conventional oil production. We might quibble over the “slightly”, but you acknowledge that it WILL be more. So why is it when you address climate risk and it’s mitigation on p. 73 of your Annual Report, you only speak of a technical response to the impact that climate might have on your production facilities? And, you assert that your experience in harsh environments makes you capable of continuing operations in a world of increasingly disrupted climate. How can you win back your shareholders’ trust with such a narrowly focused techno-centric, operational response to climate risk, which will affect your markets and your consumers? You expect us to trust a company that deals with climate change risk by saying that you are good at drilling in hurricanes and deep water? In the only area  in which risk really matters: the market, you have, in your Annual Report, effectively discounted climate change 100%. Do you “get it”? As a shareholder, I question your 3 strategic priorities of 1) risk management, 2) trust, and 3) long term value, therefore I ask that the shareholders reject the Annual Report.

Posted via email from George’s posterous

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