BP and Shell Issue Climate Change Reports In Response to Resolutions Co-Filed By CBIS

Royal Dutch Shell recently released their 2015 Annual Report and their 2015 Sustainability Report – the annual report includes data and information relating to CBIS’ 2015 climate change resolution (co-filed) that garnered a 98.8% in favor vote. “We commend Shell for responding to shareholder requests and issuing expanded reports on risks from climate change,” said Julie Tanner, Director of Catholic Responsible Investing for CBIS. “While the reports are an advance from previous disclosure and there are positive programs underway, more work is needed to adapt the company’s investment strategy to changes in policy, market and technological conditions. We look forward to more news from Shell at the company’s annual shareholder meeting on May 24th. In addition, we will be discussing next steps with the co-filers and looking to meet with the company next quarter.

Similarly, BP also delivered both their 2015 annual and sustainability reports in Q1 2016. We were again glad to see progress being made in a number of areas, including the company’s support of the historic agreement between 195 nations in Paris in December in 2015, improvements in energy efficiency, and its advocacy on carbon pricing. While improvements have been registered, what is missing is analysis on the risks faced by the company associated with low carbon, low demand scenarios,” said Tanner, “We remain concerned that BP continues to doubt the likelihood of a 2°C scenario coming into effect.” CBIS will look to set a meeting with the company in the coming months.