Green groups have expressed outrage at BP’s decision to drop its target to cut oil output in the next five years. The move, reported by Reuters, would result in BP potentially scrapping its plan to reduce oil and gas output by 25% by 2030. This decision is seen as prioritizing profits over the health of the planet, with campaign groups such as Greenpeace and Reclaim Finance criticizing the move.
BP’s chief executive, Murray Auchincloss, has emphasized a strategy reset focusing on more profitable oil and gas operations, including new investments in the Middle East and the Gulf of Mexico. This shift in priorities has drawn backlash from environmental groups who argue that the future of the planet cannot be entrusted to fossil fuel companies.
The company’s move away from ambitious green targets set previously under former CEO Bernard Looney has raised concerns about BP’s commitment to climate action. Despite an initial pledge to cut oil and gas production by 40% by 2030, the target was later scaled back to 25% under Auchincloss. This shift in strategy has led to criticism from stakeholders, with calls for investors to reject BP’s climate-wrecking approach.
The company’s pivot back towards oil and gas investments has raised questions about its commitment to renewable energy and carbon reduction efforts. While BP aims to achieve net zero emissions by 2050, critics argue that the company’s focus on fossil fuels undermines global efforts to combat climate change. With Auchincloss set to reveal more details of his strategy in February, the debate over BP’s environmental responsibilities is likely to continue.
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