BP HAS defended its decision not to let shareholders to vote on its weakened climate targets ahead of today's AGM, where its chairman could be ditched.

The energy giant plans to relax its reductions in oil and gas production from 40 to 25 per cent by 2030 - and views this change as part of its wider climate strategy which was previously approved by shareholders last year.

BP claims this move is in line with both its net zero target for 2050 and the Paris Climate Agreement.

A spokesperson said: "We have increased our aims for reducing operational emissions and for reducing emissions intensity of our energy sales, and for investing in our transition businesses."

Five UK pension groups plan to oust chairman Helge Lund from his position, in response to the watereddown climate pledges.

Diandra Soobiah of Nest -- one of the five groups -- told City A.M.: "What's particularly worrying is they haven't gone back to shareholders and given us a chance to vote on such a significant decision."

Concerned investors will have to express their disagreement through other key votes tomorrow.

Lund was backed by 96.6 per cent of shareholders at last year's AGM.

Today's outcome is not yet clear.

The company's shares soared 20 per cent in February when it announced plans to ease fossil fuel reductions, which had powered the company to record £23bn profits last year.

(c) 2023 City A.M., source Newspaper