{"id":373760,"date":"2025-04-05T18:13:19","date_gmt":"2025-04-05T16:13:19","guid":{"rendered":"https:\/\/climatescience.press\/?p=373760"},"modified":"2025-04-05T18:13:20","modified_gmt":"2025-04-05T16:13:20","slug":"bp-chairman-quits-after-green-energy-plan-gutted","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=373760","title":{"rendered":"BP chairman quits after green energy plan gutted"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

Activist US fund Elliott is campaigning for more change at the oil giant.<\/em><\/strong><\/p>\n\n\n\n

The chairman of BP is to quit in the wake of the company\u2019s disastrous flirtation with green energy.<\/p>\n\n\n\n

The oil giant said on Friday that Helge Lund would step down \u201cin due course\u201d. The announcement comes amid a campaign by\u00a0activist US hedge fund Elliott<\/a>\u00a0for more change at the company, which has already watered-down green energy plans previously adopted under Lund. The Telegraph<\/a> has the story.<\/p>\n\n\n\n

The Norwegian backed BP\u2019s 2020 decision to cut fossil fuel production<\/a> 40pc by 2030 and become an \u201cintegrated energy company\u201d focused on low carbon energy.<\/p>\n\n\n\n

He was also in charge during BP\u2019s 2020 appointment of Bernard Looney, the chief executive who committed the company to its low carbon path but who then left over his undeclared relationships with colleagues<\/a>.<\/p>\n\n\n\n

Mr Lund said on Friday: \u201cHaving fundamentally reset our strategy, BP\u2019s focus now is on delivering the strategy at pace, improving performance and growing shareholder value. Now is the right time to start the process to find my successor and enable an orderly and seamless handover.\u201d<\/p>\n\n\n\n

It follows pressure from Elliott Advisors, which has taken a 5pc stake in BP<\/a>. The hedge fund told the company it was unhappy with the oil major\u2019s strategy, which it believed lacked urgency and ambition. Elliott was thought to be organising a shareholders vote to force Mr Lund out.<\/p>\n\n\n\n

BP announced plans to shift away from oil and gas in 2020, proposing a tenfold increase in green energy investment and a 40pc reduction in fossil fuel production by 2030.<\/p>\n\n\n\n

Mr Lund said at the time: \u201cWe are confident that the decisions we have taken and the strategy we are setting out today are right for BP, for our shareholders, and for wider society.\u201d<\/p>\n\n\n\n

However, BP\u2019s competitors instead bet on rising demand for oil and performed far better. Shares in BP underperformed as a result and the company has since jettisoned much of the 2020 strategy.<\/p>\n\n\n\n

At a capital markets day in February, BP abandoned most of its green pledges and committed to indefinite annual increases in fossil fuel production.<\/p>\n\n\n\n

Read the full story here<\/a>.<\/em><\/strong><\/p>\n\n\n\n

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

The chairman of BP is to quit in the wake of the company\u2019s disastrous flirtation with green energy.<\/p>\n","protected":false},"author":121246920,"featured_media":373764,"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":[691833545,691818118,691818154,691819148],"class_list":{"0":"post-373760","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-british-petroleum-bp","9":"tag-green-energy","10":"tag-net-zero","11":"tag-oil-and-gas","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0b6130cfe8ab34faa043a55e522d83df1.jpeg?fit=1200%2C749&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1zeo","jetpack-related-posts":[{"id":242842,"url":"https:\/\/climatescience.press\/?p=242842","url_meta":{"origin":373760,"position":0},"title":"BP to cut back on green shift amid booming demand for fossil fuels","author":"uwe.roland.gross","date":"02\/02\/2023","format":false,"excerpt":"Money talks, as they say! 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