SHAREHOLDERS VOTE AGAINST BP ON EFFECT OF CLIMATE CHANGE ON INVESTMENTS

19 April 2001

London - BP must take heed of a significant vote at its Annual General Meeting today on a resolution calling for the company to take seriously the threats of climate change on fossil fuel investments and protect their shareholders financial future earnings by investing in renewable energy.

Today's initial proxy vote, displayed at the meeting today, showed 919 million shares, or 7.4 per cent of the vote, in favour of the resolution. Votes of the shareholders attending today's meeting have yet to be counted.

Greenpeace climate campaigner Stephanie Tunmore said: "The BP Board of Directors can no longer ignore its own shareholders' conviction that the company is responsible for climate change and that this could undermine the future worth of their shares. The company must now begin to move out of fossil fuels and into renewable energy."

Resolution sponsor Sister Pat Daly, of the Dominican Sisters of Caldwell in the USA, said: "We need BP to be the leader that it claims to be, but it needs to match its words with actions. BP must spell out in black and white, for all it's shareholders and all those affected by its company policy, what it means by 'Beyond Petroleum'."

Tunmore said: "International moves to regulate the use of fossil fuels and the burgeoning market in clean energy technologies will impact on BP's business. If the company wants to remain a profitable energy company in the future business as usual is not an option."

The Greenpeace resolution called on the BP Board to publish a report by the end of 2001, to include quantified targets and clear timescales for switching from oil to renewable energy. The resolution is also supported by US socially responsible investor, Trillium Asset Management Corporation, US Public Interest Research Group, World Wildlife Fund.

FOR FURTHER INFORMATION PLEASE CONTACT:

- Stephanie Tunmore, +44 (0) 20 7865 8211, mob +44 (0) 7801 212961
- Press office, +44 (0) 20 7865 8285

www.sanebp.com
www.greenpeace.org

Sister Pat Daly, who moved the Greenpeace resolution, represents 275 faith-based institutions holding US$100 billion in investments.