BP walks back on renewable investment, to scale up fossil fuel production
BP has announced plans to scale up its oil and gas production and cut renewable energy investments, citing pressure from investors.
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The oil and gas firm has promised to increase its fossil fuel investments by 20 per cent to $10 billion. It will simultaneously slash planned funding for renewables by over $5 billion.
The new strategy comes on the heels of rumours about the firm’s possible merger with Shell. BP’s Chief Executive Tony Hayward has denied the possibility, Reuters reported.
BP’s new oil and gas strategy
The company aims to increase its production to 2.3 million to 2.5 million barrels per day in 2030, with another jump in capacity possible by 2035. BP’s new 2030 oil and gas production targets represent a sharp rise of 60 per cent than the ambitions it set in its net-zero goals, as per The Guardian.
In terms of projects, the company plans to start 10 new major fossil fuel initiatives by the end of 2027. Another eight-10 projects are scheduled to start by the end of 2030.
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