Bp to Slash Renewables Investment and Ramp up Gas and Oil Production.
BP is expected to announce a significant shift in its energy strategy, abandoning its previous targets for reducing oil and gas production and instead focusing on increasing production of fossil fuels. The move comes after pressure from investors, including activist group Elliot Management, who have pushed for more investment in oil and gas. The company's net income fell last year, leading to speculation that it may be a takeover target or consider moving its main stock market listing to the US.
- This dramatic reversal could signal a broader reckoning among energy companies about their roles in addressing climate change, and whether their pursuit of profits can be sustained without fundamentally transforming their business models.
- How will BP's decision to prioritize gas and oil production over renewables impact the global response to the growing crisis of low-carbon emissions?