Global News Journal
Beyond the World news headlines
from Environment Forum:
At BP’s AGM on Thursday, ethical investors including the Co-Op and Calpers failed in their effort to convince BP to review its biggest planned investment in Canada’s oil sands.
Nonetheless, 9 percent of investors voted in favour of a review -- a much bigger venting of shareholder angst about a single project than oil companies are used to hearing.
Was this a vote for the environment or a vote for ethical fund managers’ own businesses?
The oil sands business produces even more CO2 than traditional oil and the investor group, which also included environmental and faith groups, said they were concerned that if governments sought to fight climate change by hiking charges for emitting CO2, the Sunrise project may turn prove an economic catastrophe for BP.