BP to Slash Renewable Spending and Double Down on Fossil Fuels in Strategy Reset

BP Returns Its Focus to Oil and Gas Production

President Trump’s “drill, baby, drill” policies, Europe’s de-industrialization due to its “net-zero” climate policies, high energy prices, and investor dissatisfaction have resulted in foreign oil and gas companies changing their priorities. BP has announced it will cut its renewable energy investments and instead focus on increasing oil and gas production to increase cash flow. It plans to expand its production to between 2.3 million and 2.5 mi…

Oil companies are dropping renewable goals — and more importantly, expanding fossil fuels

Last week, British Petroleum announced that it was slashing more than $5 billion in planned green energy investments. It was a marked departure from the early 2000s, when the oil giant branded itself as “beyond petroleum,” and even 2020, when the company targeted a 20-fold increase in its renewables portfolio. “Today, we have fundamentally reset BP’s strategy,” said BP’s CEO, Murray Auchincloss, as part of the most recent announcement. “This is …

BP’s Climate Backtrack Is an Admission It Has Failed

In February, BP announced it was undertaking a “fundamental reset” of its investment strategy, savagely cutting back plans for renewable energy and instead investing in 20 new oil and gas projects by 2030.  CEO Murray Auchinloss said the fossil fuel giant’s previous 2020 plan of reducing oil production and reaching net zero by 2050 was a mistake, and based on “misplaced optimism” over the transition to a low carbon economy. The turn, precipitate…

BP cuts renewable spending, doubles down on fossil fuels in strategy reset

The U.K.-based oil major said its investments in the clean energy transition business will now be “significantly lower” and range between $1.5 billion to $2 billion per year.

BP shifts focus back to fossil fuels, slashing green investments

BP will increase spending on oil and gas while cutting more than $5 billion from its low-carbon investment plans, citing misplaced optimism about the energy transition.Jillian Ambrose reports for The Guardian.In short:BP will invest $10 billion annually in fossil fuels and scale back its commitment ...