{"id":247154,"date":"2025-02-26T11:15:22","date_gmt":"2025-02-26T11:15:22","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/02\/26\/bp-slashes-renewables-investment-and-boosts-fossil-fuel-production\/"},"modified":"2025-02-26T11:15:22","modified_gmt":"2025-02-26T11:15:22","slug":"bp-slashes-renewables-investment-and-boosts-fossil-fuel-production","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/02\/26\/bp-slashes-renewables-investment-and-boosts-fossil-fuel-production\/","title":{"rendered":"BP slashes renewables investment and boosts fossil fuel production"},"content":{"rendered":"
\"BP<\/div>\n
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Oil and gas giant BP has again slashed its renewable energy investment and announced more funding for greater fossil fuel production. <\/p>\n

In a further row back of climate targets the company has said renewable energy investment will fall by $5bn (\u00a33.95bn) a year to just $1b to 2bn ( \u00a3790m to \u00a31.58bn).<\/p>\n

Funding for further oil and gas extraction will grow to $10bn (\u00a37.9bn) annually as the business shifts focus back to its original mission of extracting fossil fuels.<\/p>\n

Money blog: BA named joint worst airline out of 19 for long-haul flights<\/strong><\/a><\/p>\n

New “major” oil and gas projects are to start by the end of 2027 with eight to ten more to begin by the end of 2030.<\/p>\n

The company also said it will have “selective” investment in biogas, biofuels and electric vehicle (EV) charging and “capital-light partnerships” in renewables like wind and solar.<\/p>\n

Under the tenure of old chief executive Bernard Looney, BP had dropped its 2020 goal of cutting production, revising it down in 2023 from 40% to 25%. The aim of dropping its oil and gas output by 2030 has been axed.<\/p>\n

The International Energy Agency has said no new fossil fuel project is compatible with the globally accepted goal of limiting warming to 1.5C.<\/p>\n

But BP now aims to grow production to 2.3 million to 2.5 million barrels of oil a day in 2030.<\/p>\n

Why’s this happening?<\/strong><\/p>\n

“Today we have fundamentally reset BP’s strategy,” chief executive Murray Auchincloss said.<\/p>\n

“This is all in service of sustainably growing cash flow and returns.”<\/p>\n

This latest scaleback comes as BP faces pressure from activist investor Elliott Management, which reportedly took a 5% share of the company.<\/p>\n

Elliott is renowned for forcing changes in companies to increase the share price and was reportedly pushing for a sale of BP’s renewable arm.<\/p>\n

BP’s share price had dipped below the all-time high in February 2023 and company profits have come off the record level in 2022<\/strong><\/a>.<\/p>\n

Dividends and company performance have been lower at BP than at its energy-producing peers.<\/p>\n

The current CEO Mr Auchincloss announced plans in January to cut BP’s workforce by 5%<\/strong><\/a> – reducing the headcount by 4,700 – as he sought to achieve $2bn (\u00a31.62bn) of cost savings.<\/p>\n

It comes as the world breached the key 1.5-degree<\/strong><\/a> threshold in the 12 months from June 2023 to May 2024.<\/p>\n

<\/p>\n

<\/a><\/p>\n

Countries including the UK signed up to the Paris Agreement to limit global warming to the 1.5 target.<\/p>\n

There’s been a sector-wide retreat from green investment, however, as US President Donald Trump pledged to “drill baby drill”.<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Oil and gas giant BP has again slashed its renewable energy investment and announced more funding for greater fossil fuel production. In a further row back of climate targets the company has said renewable energy investment will fall by $5bn (\u00a33.95bn) a year to just $1b to 2bn ( \u00a3790m to \u00a31.58bn). Funding for further […]<\/p>\n","protected":false},"author":2,"featured_media":247155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/e3.365dm.com\/25\/01\/1920x1080\/skynews-bp-petrol-company_6801167.jpg?20250116113343","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[7305,14848,2363,382,6267,29494,18946],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/247154"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=247154"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/247154\/revisions"}],"predecessor-version":[{"id":247156,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/247154\/revisions\/247156"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/247155"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=247154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=247154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=247154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}