Photo: Alexander Demianchuk/TASS via Getty Images

BP is supporting a proposal by activist investors that calls on the multinational giant to disclose how its spending and strategies sync up with the Paris climate agreement. In a related move, BP said progress on greenhouse gas cuts will factor into the pay of 36,000 employees, including executive directors.

Why it matters: Friday's move is the latest sign of how some of the world's biggest fossil fuel producers are responding to pressure from advocates — including some large investors — on global warming.

  • It comes 2 months after Royal Dutch Shell, after consultation with the same investor network called Climate Action 100+, agreed to set short-term carbon emissions goals for its products.

Where it stands: BP supports a resolution from Climate Action 100+ to be adopted at BP's annual meeting later this year.

  • Provisions include a call to show how billions of dollars of capital expenditures on oil-and-gas exploration and development, and investments in other technologies, are consistent with the Paris agreement.
  • The resolution recognizes BP's prior moves on climate, including "best in class" management of methane, but says more is needed.
  • "Based on current disclosures, it is not possible to evaluate the extent to which the Company’s investments in fossil fuel reserves or resources are consistent with the Paris Goals," it states.

Who they are: The group says its 310 members collectively manage $32 trillion in assets. Members include Hermes EOS, Allianz Global Investors, Calpers, the Church of England Pensions Board, and HSBC Global Asset Management.

What they're saying: "This additional reporting will give investors better clarity about how BP can continue to deliver value through the energy transition in a way consistent with the Paris goals," BP chairman Helge Lund said in a statement.

When it comes to compensation, BP is linking annual bonuses with progress toward a 2018 pledge to cut emissions from its own operations by 3.5 million tons by 2025.

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NYC's coronavirus positivity rate spikes to highest since June

New York Mayor Bill de Blasio. Photo: Noam Galai/Getty Images

New York City's coronavirus positivity rate has ticked up to 3.25%, its highest since June, Mayor Bill de Blasio said at a news conference on Tuesday.

Why it matters: The jump — from 1.93% on Monday — came on the first day that public elementary classrooms reopened in the city after months of closures, but guidelines state that all public schools will have to shut if the citywide seven-day positivity rate stays above 3%.

Updated 40 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 33,423,249 — Total deaths: 1,003,008 — Total recoveries: 23,199,564Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 7,152,221 — Total deaths: 205,268 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  5. States: Cuomo extends New York moratorium on evictions until 2021.
  6. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.
Dan Primack, author of Pro Rata
48 mins ago - Economy & Business

AppHarvest is going public

Illustration: Sarah Grillo/Axios

AppHarvest, a Morehead, Ky.-based developer of large-scale tomato greenhouses, is going public via a reverse merger with a SPAC called Novus Capital (Nasdaq: NOVSU). The company would have an initial market value of around $1 billion.

Why it's a BFD: This is about to be a "unicorn" based in one of America's poorest congressional districts. AppHarvest CEO Jonathan Webb tells Axios that the company will employ around 350 people in Morehead by year-end, and that its location allows its product to reach 75% of the continental U.S. within a one-day drive.

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