We have publicly stated our aim to more actively advocate for policies that will support net zero, including carbon pricing.
We co-operate and engage with governments, regulators and legislators in the development of proposed policies relevant to our business. These policies can affect us in a wide range of areas – from tax and employment issues to safety or the energy transition. This co-operation and engagement may include direct lobbying on specific policy proposals by our own employees, through broader advocacy via research work or supporting think tanks, to communications activities and advertising.
We believe that ambitious climate policies will be essential to enable the world to meet the Paris climate goals, including achieving global net zero greenhouse gas (GHG) emissions. In our aim 6 we have publicly stated our aim to more actively advocate for policies that will support net zero, including carbon pricing.
In October 2022, the Climate Action 100+ investor initiative issued the Climate Action 100+ Net Zero Company Benchmark. One of the indicators in the benchmark (Indicator 7) is related to Climate Policy Engagement and specifically to companies’ positions on a number of specific areas of climate policy. In recognition of investor interest in this matter, we set out bp’s high-level climate policy positions in response to those specific areas of climate policy in the document below. These do not seek to be comprehensive.
The BP p.l.c. board approves the company’s strategy and its net zero ambition and aims. One of the matters within the remit of the board’s safety & sustainability committee is oversight of the effectiveness of implementation of bp’s sustainability frame, including the implementation of bp’s net zero ambition and associated aims and targets. Of these, bp’s aim 6 is to more actively advocate for policies that support net zero, including carbon pricing. In April 2023, the high-level climate policy positions set out below, as well as examples of bp’s climate-related advocacy activities, were provided to the committee for their consideration. At management level, bp’s issues & advocacy meeting and sustainability forum consider policy and advocacy issues and positions respectively – see further bp’s Annual Report and Form 20-F 2022.
We publish examples of advocacy in support of our aim 6 – to more actively advocate for progressive climate policies that support net zero.
Our aim 8 is to set new expectations for our relationships with trade associations around the globe.
We belong to trade associations that offer opportunities to share good practice and collaborate on issues of importance to us, not just policy and advocacy.
bp’s voice is one among many, but we work hard to make our case and enlist the support of like-minded companies for progressive climate policies.
In April 2023, we published a progress update, building on our 2022 review. This update covers progress made by the 10 trade association memberships that we assessed as ‘partially aligned’ since our last review.
We prohibit the use of bp funds or resources to support any political candidate or party. We recognize the rights of our employees to participate in the political process and these rights are governed by the applicable laws in the countries where we operate. Our stance on political activity is defined in our code of conduct.
In the US we provide administrative support for the bp employee political action committee (PAC) – a non-partisan, employee-led committee that encourages voluntary employee participation in the political process. All bp employee PAC contributions are weighed against the PAC’s criteria for candidate support, reviewed for compliance with federal and state law, and publicly reported in accordance with US election laws.
The bp employee political action committee has paused all contributions for six months as of January 2021 and we expect to restart them in 2022. During this time the PAC re-evaluated its criteria for candidate support.