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Friday, February 28, 2025

British energy giant BP launched a major pivot back to its more profitable oil and gas business Wednesday, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.

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Exclusive: BP's chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced to tackle investor concerns over earnings, two sources told Reuters reut.rs/43tdVWX

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-- Reuters (@reuters.com) February 24, 2025 at 9:01 AM

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More from the article ...
... The strategy overhaul comes after a difficult trading year for BP, which is under pressure from investors to boost its share price as countries look to slash emissions.

"Our optimism for a fast transition was misplaced, and we went too far, too fast," chief executive Murray Auchincloss told investors at a presentation in London on Wednesday.

To the dismay of environmentalists, the group will cut cleaner energy investment by more than $5 billion annually, while retiring key targets on cutting carbon emissions. ...

#1 | Posted by LampLighter at 2025-02-27 12:05 AM | Reply

So...

A corporation putting profits for wealthy shareholders above the effects of that effort ... hurricanes and wildfires costing working people?


#2 | Posted by LampLighter at 2025-02-27 12:07 AM | Reply

#2 | Posted by LampLighter

Honestly looking at the list of who the largest BP shareholders it seems that 401k and other Retirement funds are among the leaders.

The Vanguard Group, Inc. 4.841 %
BlackRock Investment Management (UK) Ltd. 3.695 %
Norges Bank Investment Management 3.524 %
BlackRock Fund Advisors 3.022 %
Clearstream Banking SA 1.761 %

#3 | Posted by GalaxiePete at 2025-02-27 09:12 AM | Reply

Still have my --- BP t-shirt.

#4 | Posted by LegallyYourDead at 2025-02-27 03:03 PM | Reply

I live in the DC area, and the news radio station since Trump's election has featured noxious hourly ads from the American Petroleum Institute.

Also heard an ad the other day for the American Bankers Association saying, without irony, that the newly seated Congress was "open for business."

#5 | Posted by Dbt2 at 2025-02-28 09:26 PM | Reply

@#3 ... Honestly looking at the list of who the largest BP shareholders it seems that 401k and other Retirement funds are among the leaders. ...

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank
www.propublica.org

The retirement funds, intended for workers, look to be actively exploited by the uber-wealthy.

#6 | Posted by LampLighter at 2025-02-28 09:40 PM | Reply

This is gonna make america SO great.

#7 | Posted by SpeakSoftly at 2025-03-01 01:57 PM | Reply

"Hey oil companies! Give me a billion dollars and I'll deregulate you!"

-the most corrupt man in american history, to the entire nation of morons who voted for him anyway

#8 | Posted by SpeakSoftly at 2025-03-01 01:58 PM | Reply

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