Are activist investors right to call out BP’s “irrational” ESG strategy?

Select quotes:

• BP must abandon its “irrational strategy” to cut oil and gas production, activist investor Bluebell Capital Partners has said, in a move touted to heighten scrutiny on the fossil fuel giant’s ESG strategies.
• London-based Bluebell, which has previously targeted Glencore and BlackRock with shareholder activism campaigns, called on BP to ditch its pledge to reduce oil and gas production by 25% by 2030 compared with 2019 levels, the Financial Times reported.
• This pledge, which Bluebell said was “utterly unrealistic”, is the only hard target from an oil major to cut output, set by former chief executive Bernard Looney in 2020.

Read the full post at Energy Monitor.