Louise Kingham said ‘clarity’ from the UK Government is needed to unlock investment in the North Sea as she reaffirmed BP’s commitment to net zero.
A senior BP executive, Louise Kingham, informed MPs that the shift to renewable energy is taking longer than anticipated, despite the company's commitment to achieving net zero. BP has reduced its investment in clean energy by over $5 billion annually and increased fossil fuel production. Kingham highlighted the need for government clarity to encourage investment in the North Sea and acknowledged that the transition timeline has extended beyond initial plans. Delays in oil field projects have discouraged investment in the UK. Hebe Trotter from Harbour Energy emphasized the economic opportunities in Scotland's green energy sector and warned against rapid transitions to avoid job losses.
