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Protestors in London. Photo: Dominika Zarzycka/NurPhoto via Getty Images

BP, under pressure over climate change, is the latest oil giant to agree to review its membership in trade associations.

Why it matters: Activist investors are increasingly pushing fossil fuel producers to abandon lobbying groups that oppose policies like mandatory emissions curbs and carbon pricing.

  • Among oil majors, BP joins Equinor, which plans to release results of its review by Q1 2020. Shell has already completed its assessment.

Where it stands: Chairman Helge Lund announced the move at BP's annual meeting Tuesday. A spokesperson did not provide specific memberships that will be assessed, but said the review will be informed by this existing position statement on trade groups.

The big question: Will K Street lobbying powerhouses spring a leak, or alter their stances, if Big Oil companies threaten to bail over differences on climate?

  • This hasn't happened yet.
  • Shell reviewed a suite of memberships and said in early April that it's leaving one group: American Fuel & Petrochemical Manufacturers.
  • But, it's sticking with more powerful players including the U.S. Chamber of Commerce and American Petroleum Institute.

What's next: Activists investors will be watching. Climate Action 100+ said they will be looking to "ensure BP’s lobbying activity supports the Paris goals."

Go deeper: BP bosses get public grilling on climate from largest investors (Bloomberg)

Go deeper

Crypto media boom

Data: SimilarWeb; Chart: Axios Visuals

A slew of new crypto media companies have gained enormous traction over the past year, thanks to the digital currency craze taking over Wall Street.

Why it matters: “For the first time ever, crypto has become relevant to the global macro-economic conversation, and therefore, the investment conversation," says Jason Yanowitz, co-founder of Blockworks, a financial media brand catered to investors.

Dan Primack, author of Pro Rata
46 mins ago - Economy & Business

SoftBank and StubHub vets form new SPAC

Illustration: Sarah Grillo/Axios

Jeffrey Housenbold, who recently stepped down as a managing partner of SoftBank Vision Fund, has formed a new SPAC with Sukhinder Singh Cassidy, who was president of ticket resale firm StubHub until it was acquired last year by Viagogo.

Why it matters: The death of SPACs has been greatly exaggerated.

1 hour ago - World

U.K. government sets out agenda in first COVID-era Queen's Speech

Queen Elizabeth II walks behind the Imperial State Crown in the Royal Gallery of Parliament. Photo: Richard Pohle/POOL/AFP via Getty Images

Queen Elizabeth II laid out the U.K. government's agenda at the State Opening of Parliament on Tuesday, marking the first Queen's Speech since the pandemic began and her first major public appearance since the death of her husband, Prince Philip.

Why it matters: In a pared-back ceremony, the queen set out Prime Minister Boris Johnson's vision for recovering from a pandemic that inflicted the worst death toll in Europe and worst recession in 300 years.