As BP's 2017 Energy Outlook is published, this note summarises BP's performance on climate risk disclosure and highlights climate lobbying activity.
BP publishes its latest Energy Outlook on January 25th, 2017 in which it "outlines the 'most likely' path for the global energy landscape". In the wake of Royal Dutch Shell's November 2016 announcement that oil demand could peak in five years, investors will scrutinise its views on oil in particular.
In a November 2016 report we assessed the climate risk disclosure and lobbying by the leading oil majors and found in general poor disclosure to investors on how the proliferation of renewable energy and electric vehicles (EV) would impact their two largest markets - fuel for vehicles and gas for power. The analysis found this vague disclosure to be accompanied by aggressive lobbying to prevent policy favouring renewables and EVs.