Letter to Bob Dudley, CEO of BP
Dear Mr Dudley
I am an asset manager looking after a significant number of socially responsible investment portfolios that represent 80% of our assets under management. These currently exclude BP and several other oil giants on the grounds that their operations contribute disproportionately to global warming, environmental destruction and in some cases serious human rights abuses.
We have not always excluded BP. There was a time when BP’s renewables and in particular PV R&D was attractive to such investors. However, following Deepwater we saw BP dramatically reduce investment in renewable tech. I know that this is something you are changing now and you are once again investing in renewable technology at BP.
However, as well as seeing evidence of BP’s efforts to reduce our dependency on fossil fuels we also need to see you operating responsibly and not taking risks with the world’s fragile environment.
While you might aim to work as safely as possible, drilling in this area is inherently risky.
Your plans to explore near the Amazon Reef puts this unique habitat in real danger – not to mention the local communities and wildlife along the coast.
I hope you’ll decide to do the right thing and abandon the project – helping to safeguard the Reef and BP’s reputation at the same time.
As an asset manager we support Greenpeace’s efforts to expose corporate environmental risk taking. We will highlight this campaign to our clients and publicise the matter more widely. I hope that it will be possible to report positively on your response.
Yours sincerely
Chris Welsford
Ayres Punchard Investment Management Limited
