Bp Doubles Down on Oil and Gas Strategy Reset
BP is pivoting its focus back to its core business of oil and gas, increasing investments to $10 billion per year and targeting divestments to support a stronger balance sheet. The company's move away from renewable energy comes after years of investor pressure to prioritize profits over climate initiatives. Under the new plan, BP intends to announce up to $20 billion in divestments by 2027.
- This strategic reset raises questions about the sustainability of an industry that has long been criticized for its carbon footprint and environmental impact, and whether a focus on profit will come at the expense of long-term viability.
- As BP and other oil giants reorient themselves around traditional business models, how will governments and consumers respond to the potential resurgence of fossil fuels as a primary energy source?