BP Abandoned Plans For An Energy Transition, Because The Energy Transition Wasn't Happening Fast Enough

[hatrack]

Ed. - It's almost like there's some sort of contradiction in there, but I just can't put my finger on it . . .

BP has abandoned its green ambitions in favour of ramping up fossil fuel production as its boss claimed that optimism over the pace of the green transition had been “misplaced”. In a major strategy shift, the energy company will increase its investment in oil and gas to $10bn (£7.9bn) a year while slashing more than $5bn from its previous green investment plan.

The radical overhaul means BP will be “very selective” about investing in low-carbon options while producing 2.4m barrels of oil and gas a day by 2030 – about 60% higher than the figure in its net zero plan set out five years ago. “Today we have fundamentally reset BP’s strategy,” said BP’s CEO, Murray Auchincloss. “This is a reset BP, with an unwavering focus on growing long-term shareholder value.”

EDIT

Auchincloss said BP would instead focus on strengthening its production portfolio by starting up 10 large-scale oil and gas projects by 2027 and a further eight to 10 projects by the end of the decade. He said: “Our optimism for a fast [energy] transition was misplaced, and we went too far, too fast.”

There has been growing pressure from investors for BP to shrug off its green pledges, which initially won praise from green groups but have since been diluted as BP’s share price fell. BP has lost almost a quarter of its market value in the past two years while the market value of its rivals Shell and ExxonMobil has increased as they pursued greater oil and gas production.

EDIT

https://www.theguardian.com/business/2025/feb/26/bp-oil-and-gas-spending-green-energy-scale-back

[NNadir]

1. There has never been a shred of evidence that an "energy transition" exists.

It's a marketing term, much as the term "Santa Claus" is a marketing term.

[hatrack]

2. See also "Carbon Capture" (my personal favorite)