DIVESTMENT MOVEMENT
BP condemns call on investors to sell down their oil stocks
Now asset managers are increasingly prodding the world’s biggest polluters to come up with stronger environmentally sound strategies
BP boss Bob Dudley slammed the divestment movement that is calling on institutional investors to sell down their oil stocks, rejecting warnings from the likes of the Bank of England that hydrocarbons are a risk to the financial system. There are "people who want to drive a wedge between the energy industry and investors – between oil and money", Dudley said on Wednesday at the Oil & Money conference in London. "They push for potentially confusing disclosures, raise the spectre of a systemic risk to the financial system from stranded assets, and campaign for divestment," he said. The criticism puts the British oil major at odds with the country’s central bank. Governor Mark Carney has suggested that the fight against climate change could leave some oil reserves stranded – effectively worthless – and that the exposure of UK investors is "potentially huge". Now asset managers are increasingly prodding the world’s biggest polluters to come up with stronger environmentally sound strategi...
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