BP has significantly cut its investment in renewable energy, reducing the planned annual spending to between $1.5 billion and $2 billion. In contrast, the company will now allocate $10 billion annually toward oil and gas. This strategic shift highlights a reset in BP's focus towards traditional energy sources, with CEO Murray Auchincloss acknowledging that the renewable energy transition has not progressed as quickly as anticipated due to factors like the Ukraine war and changing market dynamics.
This is a reset BP, with an unwavering focus on growing long-term shareholder value... the transition to renewable energy has been slower than we initially expected.
Hydrocarbon demand continues to be very, very strong, stronger than we would have envisioned five years ago, and the transition has not proceeded at the pace we would have thought.
BP cut planned annual investment in energy transition businesses by more than $5bn from its previous forecast, to between $1.5bn and $2bn per year.
We have slashed planned investment in renewable energy and will increase annual oil and gas spending to $10bn.
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