BP is facing a shareholder revolt after emulating ExxonMobil's fossil fuel-focused strategy, rejecting a climate-related proposal from Follow This. The Dutch non-profit, backed by investors with over $1 trillion in assets, sought plans for declining oil demand. BP's board deemed the proposal invalid, citing legal requirements.

This marks a dramatic shift from BP's green ambitions under former CEO Bernard Looney, whose tenure saw the company's share price underperform peers. BP has slashed renewable energy investments and abandoned production reduction targets, mirroring Exxon's approach. The move has drawn criticism from major shareholders like L&G, which opposes chair Albert Manifold's re-election.

Glass Lewis has recommended shareholders vote against Manifold, citing inadequate explanation for the proposal's exclusion. With the annual meeting approaching on April 23, BP faces mounting pressure to address climate concerns. While the International Energy Agency projects long-term fossil fuel demand decline by 2030, BP's strategy prioritizes short-term gains over transition planning, risking further investor alienation.