BP has announced a drastic change in its corporate strategy, abandoning its previous green ambitions in favor of investing $10 billion a year into oil and gas. The company will increase its production target from 1.5 million to 2.3-2.5 million barrels a day by the end of the decade. This shift follows pressure from shareholders and poor market performance compared to rivals. Chief executive Murray Auchincloss stated the intention is to prioritize long-term shareholder value, marking a significant departure from former CEO Bernard Looney's net-zero vision for 2050.
Murray Auchincloss emphasized, 'Today we have fundamentally reset BP's strategy, with an unwavering focus on growing long-term shareholder value,' shifting focus from green ambitions.
Matilda Borgstrom from 350.org criticized BP's decision, stating, 'This move by oil giant BP clearly demonstrates why super-rich corporations chasing short-term profit cannot be trusted to fix the climate crisis.'
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