BP in environmental clash
ENERGY group BP is facing a showdown with shareholders concerned about the environ- mental impact of an oil sands development.
A coalition of institutional and private investors has filed a resolution at the firm’s annual meeting in April calling on it to review plans to take part in the $10billion (£6.2billion) Sunrise project in Canada.
Led by the FairPensions campaign group and including Co- operative Asset Management, campaigners question whether oil sands will be a profitable long-term investment and say there are doubts about the costs of extracting and con-verting oil sands and worries about environmental damage.
BP said: “We believe development of this kind is essential to meet energy demands. We believe we can do it in a way that minimises the impact on the environment.”