Deplorable:
BP, the energy giant, on Wednesday said it would increase spending on oil and gas while sharply paring back investments on various forms of clean energy.
The move appears to be a response to a combination of investor pressure for higher returns and a realization that the so-called energy transition to cleaner fuels is not paying off as once expected.
“Today, we have fundamentally reset BP’s strategy,” Murray Auchincloss, BP’s chief executive, said in a statement.
BP said it would increase oil and gas investment to around $10 billion per year in order to bolster output, while cutting spending on renewables to between $1.5 billion and $2 billion per year, a $5 billion-per-year drop from previous plans.
BP, the energy giant, on Wednesday said it would increase spending on oil and gas while sharply paring back investments on various forms of clean energy.
The move appears to be a response to a combination of investor pressure for higher returns and a realization that the so-called energy transition to cleaner fuels is not paying off as once expected.
“Today, we have fundamentally reset BP’s strategy,” Murray Auchincloss, BP’s chief executive, said in a statement.
BP said it would increase oil and gas investment to around $10 billion per year in order to bolster output, while cutting spending on renewables to between $1.5 billion and $2 billion per year, a $5 billion-per-year drop from previous plans.
