Oil giant faces fresh pressure to halt renewables investments.

Almost all of BP’s biggest shareholders are unhappy with its shift to green energy, an activist investor has claimed, amid a growing backlash over the oil giant’s focus on net zero targets.

Giuseppe Bivona, chief executive of Bluebell Capital, which has a minority stake in BP, said he had spent the past three weeks talking to many of the company’s top 30 investors. The Telegraph has the story.

He said: “With only the exception of one shareholder, I am still to find someone who supports BP in its entirety.”

Bluebell is spearheading a brewing investor revolt after sending a 30-page letter to the FTSE 100 company in January. 

In the letter it urged BP to halt investment in renewable energy schemes, prioritise oil and gas production, and rewrite net zero targets to clarify that they will be achieved “in line with society”. 

BP has been under increasing pressure over net zero commitments that have allegedly left shareholders £40bn poorer. 

Mr Bivona said he plans to share negative feedback with BP on a no-name basis, which he said will “clearly expose them to the fact that many investors are sympathetic to what we are saying”. 

He is hopeful this will serve as a “wake-up call” for the company, with Bluebell having previously taken similar action against blue-chip giants Glencore and Danone.

The activist threat represents the first major test for Murray Auchincloss, BP’s new chief executive, who has told staff that he will stick to the green energy plans rolled out by his predecessor Bernard Looney.

Read the full story here.