Fossil fuel firm will cut more than $5bn from low-carbon investment plan in ‘fundamental reset’Business live – latest updatesBP is dropping green goals, ramping up oil and gas production and slashing spending on low-carbon energy as part of a fundamental reset of the troubled company.The FTSE 100 fossil fuel company has promised shareholders it will increase its target for oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – about 60% higher than the figure in its net zero plan set out five years ago. Continue reading...
BP has shifted its strategy, moving away from green goals to focus on increasing oil and gas production, driven by shareholder pressure and financial performance concerns. The company plans to boost its oil and gas output to 2.4 million barrels a day by 2030, a 60% increase from its previous net zero plan. BP is cutting its low-carbon investment budget from $5 billion to $1.5 billion-$2 billion and aims to reduce debt and sell $20 billion in assets, including Castrol and Lightsource BP. This shift, which reverses former CEO Bernard Looney's net zero ambitions, has drawn criticism from environmental groups, who argue it risks exacerbating climate change and undermining the transition to renewable energy.
