Focus on your savers instead of net zero, critics tell BP pension funds

Pension funds have been accused of abandoning their financial duty to savers amid a growing rebellion over BP’s plans to keep pumping fossil fuels. They don’t seem to be concerned about profits.” The pension funds argue that BP should have sought their views after watering down its long-term plans to shift towards cleaner energy, with less stringent targets to cut back on oil and gas production. Clifford Weight, a retail shareholder, said he had bought more shares following a meeting for BP shareholders last week, praising BP’s current “balanced approach”. A spokesman for USS said: “We view the paring back of BP’s 2030 targets as a significant negative development, one that we would expect to have been put to an investor vote. “Actions like this undermine the confidence shareholders have in the board and their corporate governance.” Nest said: “Our fiduciary duty requires us to act in the best interests of members and we see the management of transition and climate risk as clear material concerns for a company which need to be managed.” Colin Baines, stewardship manager at Border to Coast Pensions Partnership, said: “We have determined that BP has set insufficient emission reduction targets, triggering a vote against the chair of the board in line with our climate voting policy.