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13% Of BP Amoco Vote Support Greenpeace Resolution

THIRTEEN PERCENT OF BP AMOCO VOTE SUPPORT GREENPEACE RESOLUTION

April 14, 2000. Auckland: The highest vote for an environmental resolution anywhere in the world was achieved when BP Amoco shareholders voted on a resolution initiated by Greenpeace, at the BP Amoco Annual General Meeting in London yesterday (overnight NZ time).

Yesterday’s initial proxy vote, displayed at the BP AGM, showed 1,491 million shares in favour of the resolution representing 13.5 per cent of the vote. The value of the shares supporting the Greenpeace resolution is estimated at $US13.5 billion, which would build 27 solar factories.

“This is an historic vote, and the highest vote for an environmental resolution anywhere in the world. BP Amoco cannot ignore this message, it comes from its own investors as well as environmentalists”, said Matthew Spencer, Greenpeace climate campaigner in London. “The BP Amoco Board must now outline a strategy to shareholders on how it will make the transition from climate destroying fossil fuels to renewable energy.”

“BP Amoco must take heed of a significant vote at its Annual General Meeting today on a resolution calling for the abandonment of oil production plans for the Arctic ocean and Arctic National Wildlife Refuge and for a redirection of funds into its solar subsidiary BP Solarex”, said Spencer.

The company has acknowledged the threat of global climate change and that it would mean a substantial reduction in the use of oil and gas – its core products at present. However the company had not outlined to shareholders how it would manage this transition and what it would mean for the company’s oil and gas investments which represent 99.9 per cent of its total energy investments.

“This significant vote at the BP Amoco AGM, in favour of clean renewable energy, should be an early warning sign for fossil fuel companies around the world. No longer can the environmental consequences on the climate system from burning fossil fuels be ignored”, said Sue Connor of Greenpeace New Zealand. “Governments around the world have made a commitment to preventing dangerous climate change. If fossil fuel companies won’t make the transition from fossil fuels to renewable energy themselves, governments must set the policy in place for the transition to take place.”

For more information contact Sue Connor, Greenpeace New Zealand (09) 630 6317 or 021 213 5603. Contact Jon Walter Greenpeace press office in London on +44 171 865 8255/6/78 or mobile 0031 653 504731

Photos of BP AGM available from Sue Connor at Greenpeace New Zealand.

 A copy of Matthew Spencer’s speech at the AGM is available from Greenpeace New Zealand, contact Sue Connor.

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