The Pushback Against Net Zero Has Started
BP takes the axe to investment in green energy in "shocking" strategy U-turnRethink comes five years after BP set ambitious targets to cut production of oil and gas by 40% by 2030BP today unveiled a massive strategy U-turn with a new emphasis on oil and gasinvestment and a massive downgrade of its commitment to green energy.Chief executive Murray Auchincloss said oil and gas investment will be increased to around $10 billion a year while investment in renewable and low carbon businesses will be cut by more than $5 billion a year to just $1.5 to £2 billion.The company also said it was reviewing its lubricants business, Castrol, and targeting $20 billion in divestments by 2027. https://www.standard.co.uk/business/bp-green-energy-renewables-oil-gas-donald-trump-b1213318.htmlI am not in the least bit shocked. In fact I hope many more £multi-billion companies follow their lead.
Sue Hammond ● 409d1 Comments