European pension funds, including Sampension, have backed calls for BP to end its "retreat" from the climate field.

Almost 50 global investment companies expressed their views in a letter sent to BP chairman, Helge Lund.

In 2022, BP adopted a climate strategy that requires the company to reduce its oil production by 40 per cent by 2030 compared to 2019.

However, the target was adjusted down to 25 per cent in 2023, and according to media reports, the company will now scrap the target altogether.

Worried by this development, the investors penned the letter asking BP to allow investors to vote on any changes to BP's climate strategy at the company's upcoming general meeting.

In the letter, the investors also said that there is a need for increased transparency about how BP's plans for increased fossil fuel investments align with the objectives of the Paris Agreement.

"If we as a society are to succeed with the global climate goals, we all need to contribute," said Sampension head of environmental, social and governance (ESG), Jacob Ehlerth Jørgensen.

“BP has previously been one of the fossil fuel companies that has worked most seriously with the green transition, but unfortunately, the company has moved in the wrong direction in the climate area in recent years. This is very worrying, so we are now putting pressure on BP to end the retreat."

"Downscaling climate ambitions at a time when global warming is expected to continue to accelerate is not the responsible way to go. On the contrary, it is extremely important that BP and other European energy companies now show leadership and take responsibility for transitioning their business models to a low-carbon economy," added Jørgensen.

BP has been contacted for comment by European Pensions.

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