BP slashes green energy spending and turns back towards fossil fuels
Trending News
1 month ago

BP slashes green energy spending and turns back towards fossil fuels

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP is making a drastic pullback from renewables in favour of more oil and gas, claiming that it went “too far, too fast” on green energy. Mr Auchincloss said that as well as more oil and gas spending, BP will be “very selective” in its green energy projects, adding: “This is a reset BP, with an unwavering focus on growing long-term shareholder value.” Despite turning a record profit in 2022, BP has come under increasing pressure from some investors over its share price, which has lagged behind rival Shell. Back in 2020, BP announced some of the most ambitious goals among fossil fuels companies to cut oil and gas production by 40% by 2030 and invest heavily in renewables. The decrease in renewables will cover biogas, biofuels and electric vehicle charging projects, while BP will go after “capital-light partnerships” in other green energy such as wind and solar.

Oil Gas Green Energy Billion Fossil Fuels Energy Projects Mr Auchincloss Renewables Spending Bp Slashes Green Bp Slashes Slashes Green  bp  slashes  green  gas  global  renewables  spending  investors  energy  projects  sign  oil  turns  fuels  billion  fossil

History of this topic

Frack you, Miliband! Energy bills are soaring, yet Labour is refusing to exploit a vast gas field that could fuel the UK's needs for SEVEN YEARS. No wonder struggling locals have a blunt message for N
3 weeks, 4 days ago

Frack you, Miliband! Energy bills are soaring, yet Labour is refusing to exploit a vast gas field that could fuel the UK's needs for SEVEN YEARS. No wonder struggling locals have a blunt message for N

Daily Mail  

A steady stream of despondent young men are filtering out of a job centre in the market town of Gainsborough, Lincolnshire, on Thursday afternoon. If drilled, it could fuel the UK’s entire energy needs for seven years, slash bills by reducing dependence on gas imports and generate tens of thousands of jobs, it is claimed. Ed Miliband responded to the …

Expanding Gatwick is the perfect excuse for BP to ditch green energy
3 weeks, 6 days ago

Expanding Gatwick is the perfect excuse for BP to ditch green energy

The Independent  

The UK, a world leader in climate policy, is caught in a clash between what the planet needs and what politics and business feel they can deliver. So, the issue drifted by – but five years ago BP made another bold leap, setting targets to cut production of oil and gas by 40 per cent by 2030, while significantly ramping …

Don’t blame BP for ditching green fuel – it’s following the government’s lead
Trending News
1 month ago

Don’t blame BP for ditching green fuel – it’s following the government’s lead

The Independent  

The UK, a world leader in climate policy, is caught in a clash between what the planet needs and what politics and business feel they can deliver. So, the issue drifted by – but five years ago BP made another bold leap, setting targets to cut production of oil and gas by 40 per cent by 2030, while significantly ramping …

Transition to renewables taking longer than thought, senior BP figure tells MPs
1 month ago

Transition to renewables taking longer than thought, senior BP figure tells MPs

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The fossil fuels giant said it still hopes to …

BP slashes ‘net zero’ renewable energy spending by $5 billion, turns to fossil fuels: What’s behind the strategy shift?
1 month ago

BP slashes ‘net zero’ renewable energy spending by $5 billion, turns to fossil fuels: What’s behind the strategy shift?

Live Mint  

British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners. In a statement titled “Reset BP,” the company said it will reduce its spending on net …

BP to slash spending on net zero ventures as it focuses on oil and gas again
Trending News
1 month ago

BP to slash spending on net zero ventures as it focuses on oil and gas again

Associated Press  

LONDON — British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners. In a statement titled “Reset BP,” the company said it will reduce its spending …

BP to slash green spending, pivot back to oil
1 month ago

BP to slash green spending, pivot back to oil

Live Mint  

LONDON : BP said it would boost oil-and-gas production and sharply cut investments in clean energy, pivoting back to fossil fuels in a bid to revive its flagging share price. Higher investment in oil-and-gas fields would enable BP to pump high-margin fossil fuels for years to come, he said, adding that the company would be very selective in the investments …

BP set to cut renewable investment and boost oil and gas production
Trending News
1 month ago

BP set to cut renewable investment and boost oil and gas production

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Competitors like Shell and Norwegian company Equinor have already …

BP cuts investment in clean energy and boosts oil and gas in major strategy shift
1 month ago

BP cuts investment in clean energy and boosts oil and gas in major strategy shift

CNN  

BP slashed planned investment in renewable energy and said Wednesday that it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and shareholder returns. The oil giant cut planned annual investment in energy transition businesses by more than $5 billion, compared with its previous forecast, to between $1.5 billion and …

BP drops climate targets in pivot back to oil and gas
1 month ago

BP drops climate targets in pivot back to oil and gas

Al Jazeera  

BP slashes planned investment in renewable energy and is increasing annual oil and gas spending. Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. “This move by oil giant BP clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted …

BP investors demand vote on any plans to scrap climate goals
1 month ago

BP investors demand vote on any plans to scrap climate goals

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Nearly 50 major investors in …

Hedge fund’s BP stake worth £3.8bn as firm expected to ditch green promises
1 month, 1 week ago

Hedge fund’s BP stake worth £3.8bn as firm expected to ditch green promises

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The hedge fund targeting BP …

European oil giants to drill, baby, drill in green energy retreat
1 month, 2 weeks ago

European oil giants to drill, baby, drill in green energy retreat

Daily Mail  

Two European oil firms yesterday signalled a pivot back to fossil fuels as the industry retreats from renewables. It came just one day after Shell reopened a North Sea field and BP said it would plough £20billion into an Iraqi project. Pivot: Two European oil firms yesterday signalled a pivot back to fossil fuels Equinor cut its renewable capacity target …

Why BP and the other oil giants should defy Labour's green lunacy - and give Britain the power up it needs
4 months, 3 weeks ago

Why BP and the other oil giants should defy Labour's green lunacy - and give Britain the power up it needs

Daily Mail  

Britain’s climate change activists may think they have gained the upper hand in the battle against fossil fuels. Untapped: The Labour government’s refusal to grant new North Sea oil licences means the wealth of opportunity they offer has been cast into darkness BP is showing signs of taking on the green campaigners and politicians such as Energy Minister Ed Miliband, …

Harris and Trump offer starkly different visions on climate change and energy
6 months, 3 weeks ago

Harris and Trump offer starkly different visions on climate change and energy

Associated Press  

WASHINGTON — As the Earth sizzled through a summer with four of the hottest days ever measured, Vice President Kamala Harris and former President Donald Trump have starkly different visions on how to address a changing climate while ensuring a reliable energy supply. During her acceptance speech at the Democratic National Convention, Harris briefly mentioned climate change as she outlined …

BP sees oil and gas production move higher in first quarter
11 months, 2 weeks ago

BP sees oil and gas production move higher in first quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Energy giant BP told investors …

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022
1 year, 1 month ago

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022

Hindustan Times  

London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down from USD 3.3 billion in the previous quarter. HT Image It brought in USD 13.8 billion for all of last year, a huge drop from the USD 27.7 billion it earned in 2022, when Russia's war in Ukraine sent …

Shell and BP among oil firms accused of greenwashing over renewable energy
1 year, 7 months ago

Shell and BP among oil firms accused of greenwashing over renewable energy

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. For BP, 97 per cent went towards fossil fuels while the company reduced investments in renewable products compared to …

Why are BP, Shell, and Exxon suddenly backing off their climate promises?
2 years, 1 month ago

Why are BP, Shell, and Exxon suddenly backing off their climate promises?

Salon  

It wasn't long ago that oil giants were trying to outdo one another with promises to cut carbon emissions and take on climate change. "We leaned in when others leaned out, bucking conventional wisdom," said Darren Woods, Exxon's CEO, in a call with investors, praising his company's resistance to pulling back on fossil fuel production. "You know, nothing like profits …

Column: Big oil companies are already reneging on their global warming promises
2 years, 1 month ago

Column: Big oil companies are already reneging on their global warming promises

LA Times  

The Kern River Oil Field in Bakersfield: Don’t expect scenes like this to go away any time soon. “We need continuing near-term investment into today’s energy system — which depends on oil and gas — to meet today’s demands and to make sure the transition is an orderly one,” Looney said in BP’s strategy update, published Tuesday. BP and Shell …

BP is planning to drill for fossil gas on edge of world’s largest cold-water coral reef
3 years, 9 months ago

BP is planning to drill for fossil gas on edge of world’s largest cold-water coral reef

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP is planning to drill for fossil gas on the edge of the world’s largest …

Big Oil (Probably) Isn't Going Away Anytime Soon. But It's Definitely Changing
3 years, 9 months ago

Big Oil (Probably) Isn't Going Away Anytime Soon. But It's Definitely Changing

NPR  

Big Oil Isn't Going Away Anytime Soon. But there's no consensus what a future with less oil would look like for companies that have been greatly enriched by the fossil fuels driving climate change. The oil and gas industry is betting change will be slow Climate change activists may have celebrated key victories recently, including an activist hedge that managed …

BP shareholders reject proposals to reduce climate emissions
3 years, 10 months ago

BP shareholders reject proposals to reduce climate emissions

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Despite the majority voting against the resolution at Wednesday’s AGM, Mark van Ball from the Dutch climate group said …

John Kerry’s warning to Big Oil: Embrace change or be on the wrong side of this battle
4 years ago

John Kerry’s warning to Big Oil: Embrace change or be on the wrong side of this battle

CNN  

New York CNN Business — John Kerry had some tough talk for the leaders of Big Oil. You’re gonna wind up on the wrong side of this battle,” Kerry said Tuesday atthe energy conference CERAWeek by IHS Markit. Kerry, the former US secretary of stateand President Joe Biden’s special envoy for climate, urged the oil-and-gas industry to welcome change, including …

Shell to cut up to 9,000 jobs in shift to low-carbon energy
4 years, 5 months ago

Shell to cut up to 9,000 jobs in shift to low-carbon energy

CNN  

London CNN Business — Royal Dutch Shell will slash as many as 9,000 jobs as the oil giant accelerates a shift away from fossil fuels. The huge slump in demand for oil and gas caused by the coronavirus pandemic is pushing some of Europe’s biggest energy companies to speed up a shift to cleaner fuels. Van Beurden said Wednesday that …

BP’s ‘green’ promises are anything but – their latest investments are a slap in the face for humanity and nature
4 years, 7 months ago

BP’s ‘green’ promises are anything but – their latest investments are a slap in the face for humanity and nature

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. With similar fanfare, in 2000, then …

Does BP’s conversion signal the end of Big Oil?
4 years, 7 months ago

Does BP’s conversion signal the end of Big Oil?

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. See here: BP said last week that it would slash oil and gas production and pour billions of dollars into clean energy, speeding up a transition it teased earlier this year. “Energy markets have begun a process of fundamental lasting change, shifting increasingly towards low carbon …

BP to cut 10,000 jobs after oil price crash
4 years, 9 months ago

BP to cut 10,000 jobs after oil price crash

CNN  

London CNN Business — BP is cutting 10,000 jobs as it reels from a crash in oil prices and tries to pivot toward renewable energy. “The oil price has plunged well below the level we need to turn a profit,” Looney, who took over BP’s top job earlier this year, said in an email to employees. “While the external environment …

BP lays out long-term ambition to achieve net-zero emissions
5 years, 1 month ago

BP lays out long-term ambition to achieve net-zero emissions

Associated Press  

LONDON — Energy producer BP said Wednesday it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050, an ambitious target born out of pressure to help combat climate change and keep making money. Total of France said they were integrating climate into their strategy in 2016; Royal …

All eyes on Exxon and Chevron after BP pledges to go carbon neutral
5 years, 1 month ago

All eyes on Exxon and Chevron after BP pledges to go carbon neutral

LA Times  

Chevron is investing in early-stage technologies that could aid carbon capture and energy storage, but they are small fraction of the company’s budget. BP’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more. …

BP’s new CEO pledges net zero emissions by 2050
5 years, 1 month ago

BP’s new CEO pledges net zero emissions by 2050

CNN  

London CNN Business — BP, facing growing pressure over the climate crisis, has pledged to reach net zero emissions by 2050 or sooner, as part of a plan by the company’s new chief executive to transform the legacy oil giant. “The world’s carbon budget is finite and running out fast,” said CEO Bernard Looney, who stepped into BP’s top job …

Oil companies must cut production by 35% to meet Paris climate accord numbers by 2040: report
5 years, 4 months ago

Oil companies must cut production by 35% to meet Paris climate accord numbers by 2040: report

Salon  

"We estimate that as a group, the major oil and gas companies need to reduce production by 35% to 2040 to stay within their B2DS budgets," the report explains. "As oil and gas majors keep one foot a decarbonizing world and one foot in business as usual this report shows how that position is untenable for much longer," tweetedFletcher School …

SEC sides with Exxon by blocking major climate vote
5 years, 11 months ago

SEC sides with Exxon by blocking major climate vote

CNN  

New York CNN Business — ExxonMobil has dodged a climate change shareholder vote — with some help from the SEC. We can’t get to the goals of Paris without radically reducing fossil fuel use.” Mindy Lubber, CEO of nonprofit sustainability group Ceres Exxon argued that the proposal is “vague and indefinite,” seeks to “micromanage the company” and has already been …

Exxon,Total and Enbridge are backing newest non-fossil fuels
8 years, 10 months ago

Exxon,Total and Enbridge are backing newest non-fossil fuels

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Total, the French oil supermajor, announced a $1.1 billion …

BP profit falls 91% as oil price cuts put thousands of jobs at risk
9 years, 1 month ago

BP profit falls 91% as oil price cuts put thousands of jobs at risk

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP has said its fourth …

BP chief economist: ‘We will never run out of oil’
9 years, 5 months ago

BP chief economist: ‘We will never run out of oil’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But what has changed in recent years is the …

BP to spend $1 billion on thousands of job cuts
10 years, 3 months ago

BP to spend $1 billion on thousands of job cuts

Live Mint  

London: BP Plc will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. The British oil major said it was also considering deeper cuts to its 2015 budget beyond the $1-$2 billion reduction already announced in …

BP aims for involvement in shale gas
11 years, 3 months ago

BP aims for involvement in shale gas

China Daily  

BP Plc wants to work with Chinese companies to explore the country's vast reserves of shale gas, in hopes that the government will give direct access to more private enterprises and foreign companies in the sector. It's an exciting market, but BP's shale gas development has yet to enter the commercialization phase," Chen Liming, president of BP China, said. "BP …

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