BP Doubles Down on Fossil Fuels, Abandoning Renewables
Facing pressure from investors concerned about lagging profits, BP announced a strategic shift, slashing renewable energy investments by over $5 billion and increasing oil and gas spending by approximately 20% to $10 billion annually. This decision, mirroring moves by competitors, prioritizes shareholder returns and increased oil and gas production, aiming for 2.3 to 2.5 million barrels per day by 2030. While BP maintains its net-zero ambition, critics argue this focus on short-term profits jeopardizes climate commitments and undermines the energy transition. The company plans to pursue capital-light partnerships in remaining renewable energy ventures.
John Q. Hosedrinker