What's happened
Oil giants BP and Shell are facing investor pressure over their climate change commitments. BP is expected to announce slowing profits and revenues for the first quarter of 2024, while Shell reported better-than-forecast profits for the same period. Both companies are under scrutiny for their actions to tackle climate change and invest in renewable energy.
Why it matters
The investor pressure on BP and Shell highlights the growing importance of climate change commitments in the corporate world. The decisions made by these oil giants will have a significant impact on their future strategies and the transition to green energy. This scrutiny also reflects the increasing demand from investors for companies to align with global climate goals and reduce their carbon footprint.
What the papers say
The Independent reports that BP is expected to announce lower profits for Q1 2024 due to lower oil prices and weaker refining margins. The Guardian highlights Shell's better-than-expected profits for the same period but notes the criticism from environmental groups over its green policies. Sky News discusses Shell's move to reward shareholders with a $3.5bn share buyback amid pressure from investors to take greater action against climate change.
How we got here
Both BP and Shell have been transitioning towards green energy and pledging to reduce their carbon emissions. The pressure from investors comes as a result of the companies' actions and strategies in addressing climate change. The focus on renewable energy and emissions reduction has become a key priority for oil companies as they navigate the transition to a more sustainable future.
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Why are oil giants BP and Shell facing investor pressure over climate change commitments?
Oil giants BP and Shell are currently under intense scrutiny from investors regarding their commitments to addressing climate change. This pressure stems from the increasing importance of environmental responsibility in the corporate world and the significant impact these companies have on global energy strategies. Let's delve into the reasons behind the investor pressure on BP and Shell and explore the implications of their climate change commitments.
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