4 h. ago BP abandons green energy drive by slashing renewables budget and ploughing extra £8bn into oil and gas

BP has faced a deluge of criticism from environmental activists after it announced plans to slash green energy spending and bump up its oil and gas production instead.

Economics

5 h. ago BP signs $25bn deal to redevelop Iraq’s oil and gasfields as it slashes investments in renewable energy

BP previously committed to cut oil and gas production by 40 per cent by 2030

Economics

6 h. ago BP takes the axe to investment in green energy in "shocking" strategy U

Rethink comes five years after BP set ambitious targets to cut production of oil and gas by 40% by 2030

Events

31 h. ago What is the Ofgem energy price cap? Households face higher annual bills from April 2025

Ofgem has attributed the rise to a shortage of renewable energy and higher wholesale prices, driven by cold weather

Economics

51 h. ago BP expected to scrap renewables target in shift back to fossil fuels

Goal of increasing renewable energy generation 20-fold to be ditched, shareholders to be told this weekBP is expected to ditch a target to ramp up renewable energy generation by 2030 as part of a shift back towards fossil fuels when it presents its strategy to investors this week.The chief executive, Murray Auchincloss, is poised to tell shareholders that the oil and gas company is scrapping its target to increase renewable generation 20-fold between 2019 and 2030 to 50 gigawatts, Reuters reported. Continue reading...

Events

5 d. ago Former Siemens boss appointed Great British Energy interim chief executive

Dan McGrail, the current chief executive of trade association RenewableUK, will work for the new publicly-owned clean energy company in Aberdeen.

Politics

6 d. ago Europe greenwashing with north Africa’s renewable energy, report says

Greenpeace argues European-backed projects hamper countries’ ability to decarbonise their own economiesEuropean countries are extracting renewable energy from Morocco and Egypt to “greenwash” their own economies, while leaving north Africans reliant on dirty imported fuels and paying the environmental costs, a Greenpeace report says.Both Morocco and Egypt are aiming to leverage their strategic locations south of the Mediterranean, and their solar and wind power potential, to position themselves as pivotal to Europe’s quest to diversify its energy supply. Continue reading...

Politics

8 d. ago Europe’s seaborne imports of gas fall by fifth to lowest since 2021, report finds

UK records 47% annual drop as governments aim to replace fossil fuels but also spend billions on new LNG terminalsEuropean imports of seaborne gas shipments fell by a fifth last year to their lowest level since the pandemic, according to a new report, while the UK’s plunged by nearly a half, but governments are continuing to spend billions on new import terminals.The Institute for Energy Economics and Financial Analysis (IEEFA) found that Europe’s imports of liquefied natural gas, known as LNG, fell by 19% last year to lows not seen since 2021 as governments worked to replace fossil fuels with renewable energy. Continue reading...

Politics