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

ESG Dive

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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.

Zero Hedge

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BP Looks To Double Its Market Value To $200 Billion, Says CEO Auchincloss

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

Semafor

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Drax CEO wants to move ‘more quickly’ on renewable energy overhaul

The Signal InterviewThe simmering backlash to ESG that has boiled over in the Trump era has seen many companies retreat from their environmental commitments, like UK oil major BP, which this week cut its spending on renewables by 70%. Will Gardiner, chief executive of UK power generator Drax, is planning no such change, of course. But his overhaul of the UK’s largest producer of renewable energy shows the complexities and controversies that acco…

Democracy Now!

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BP to Boost Oil and Gas Investments by $10 Billion, Reversing Pledge to Invest in Clean Energy

The oil giant BP has announced it’s cutting planned investments in clean energy and redirecting that spending toward fossil fuels to the tune of $10 billion per year. The climate group 350.org said the news “clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted with fixing the climate crisis or leading the transition to renewable energy we so badly need.”

The Times of Northwest Indiana

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BP to reset strategy, shift back to oil and gas

BP plans to reset its strategy to shift back to oil and gas and away from wind, solar and other renewables.

Neue Zürcher Zeitung

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The British oil multinational sought a pioneering role in the energy transition – and has thus failed. An activist hedge fund from the USA has transported the abrupt change of strategy.