{"id":366309,"date":"2025-02-16T08:57:58","date_gmt":"2025-02-16T07:57:58","guid":{"rendered":"https:\/\/climatescience.press\/?p=366309"},"modified":"2025-02-16T08:58:00","modified_gmt":"2025-02-16T07:58:00","slug":"bp-set-to-scale-back-green-investments","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=366309","title":{"rendered":"BP set to scale back green\u00a0investments"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

From the BBC:<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

Oil giant BP has said it will “fundamentally reset” its strategy as profits dropped sharply last year.<\/em><\/strong><\/p>\n\n\n\n

It is widely expected to say later this month that it will scale back renewable projects and increase oil and gas production following similar moves from rivals including Shell and Equinor.<\/em><\/p>\n\n\n\n

BP\u2019s net income fell to $8.9bn (\u00a37.2bn) in 2024, down from $13.8bn the previous year.<\/em><\/p>\n\n\n\n

It said lower oil and gas prices, plus lower profits from its refineries, had dented how much money it had made.<\/em><\/p>\n\n\n\n

Five years ago BP set a target of 50GW of renewables generation capacity by 2030.<\/em><\/p>\n\n\n\n

That is expected to be abandoned on 26 February in a major change of strategy.<\/em><\/p>\n\n\n\n

BP has already been scaling back on renewables.<\/em><\/p>\n\n\n\n

In December it put the majority of its offshore wind assets into a joint venture with Japanese company Jera to separate them from the company\u2019s core fossil fuel business.<\/em><\/p>\n\n\n\n

It is expected to cut its previous $10bn commitment in renewables until 2030 by up to a half.<\/em><\/p>\n\n\n\n

BP also froze new wind projects in June last year.<\/em><\/p>\n\n\n\n

Activist shareholder Elliott Management hasbought a stake in BP to push for more investment in oil and gas, with investors anticipating board changes.<\/em><\/p>\n\n\n\n

AJ Bell analyst Russ Mould said the sharp drop in profit “provided plenty of fodder” for hedge fund Elliott, with BP having done “little to reassure other shareholders that the current plan is working”.<\/em><\/p>\n\n\n\n

He added that “a clear and credible plan is desperately needed if BP is going to remain the master of its own destiny”.<\/em><\/p>\n\n\n\n

https:\/\/www.bbc.co.uk\/news\/articles\/c30d4ernzqjo<\/a><\/p>\n\n\n\n

Five years ago, there were still obscene subsidies available for renewable energy.<\/p>\n\n\n\n

Now those subsidies have dried up and, despite what AEP would tell you, there is no profit to be had.<\/p>\n\n\n\n

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

Oil giant BP has said it will “fundamentally reset” its strategy as profits dropped sharply last year.<\/p>\n","protected":false},"author":121246920,"featured_media":366313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691820005,691821286,691819931,691821449],"class_list":{"0":"post-366309","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-bp","9":"tag-green-investments","10":"tag-oil-and-gas-production","11":"tag-renewable-projects","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/02\/0green-hydrogen-the-renewable-energy-source-to-watch-in-2021.jpg?fit=1392%2C928&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1xid","jetpack-related-posts":[{"id":373760,"url":"https:\/\/climatescience.press\/?p=373760","url_meta":{"origin":366309,"position":0},"title":"BP chairman quits after green energy plan gutted","author":"uwe.roland.gross","date":"05\/04\/2025","format":false,"excerpt":"The chairman of BP is to quit in the wake of the company\u2019s disastrous flirtation with green energy.","rel":"","context":"In \"British Petroleum (BP)\"","block_context":{"text":"British Petroleum (BP)","link":"https:\/\/climatescience.press\/?tag=british-petroleum-bp"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0b6130cfe8ab34faa043a55e522d83df1.jpeg?fit=1200%2C749&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0b6130cfe8ab34faa043a55e522d83df1.jpeg?fit=1200%2C749&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0b6130cfe8ab34faa043a55e522d83df1.jpeg?fit=1200%2C749&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0b6130cfe8ab34faa043a55e522d83df1.jpeg?fit=1200%2C749&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0b6130cfe8ab34faa043a55e522d83df1.jpeg?fit=1200%2C749&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":367738,"url":"https:\/\/climatescience.press\/?p=367738","url_meta":{"origin":366309,"position":1},"title":"BP To Abandon Green\u00a0Targets","author":"uwe.roland.gross","date":"26\/02\/2025","format":false,"excerpt":"BP (BP.L) will this week abandon plans to radically increase green energy generation and\u00a0instead ramp up oil production, according to reports.","rel":"","context":"In \"British Petroleum (BP)\"","block_context":{"text":"British Petroleum (BP)","link":"https:\/\/climatescience.press\/?tag=british-petroleum-bp"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/02\/00baab9c9398b6d1c193d53cadf83f8df4.webp?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/02\/00baab9c9398b6d1c193d53cadf83f8df4.webp?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/02\/00baab9c9398b6d1c193d53cadf83f8df4.webp?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/02\/00baab9c9398b6d1c193d53cadf83f8df4.webp?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/02\/00baab9c9398b6d1c193d53cadf83f8df4.webp?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":367598,"url":"https:\/\/climatescience.press\/?p=367598","url_meta":{"origin":366309,"position":2},"title":"BP in crisis \u2014 The oil industry\u2019s biggest loser on renewable energy","author":"uwe.roland.gross","date":"25\/02\/2025","format":false,"excerpt":"BP has lost a quarter of its share value in the last two weeks. 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