BP has announced a reduction in its commitments for renewable energies. On the other hand, the oil company will invest more in fossil fuels in 2023.
After a year marked by war in Ukraine, tankers benefited from rising fuel prices. Like Shell, BP had a record year for profits, with $27.7 billion. That eclipses the 2008 record ($26.3 billion), and doubles the previous year’s gains, which stood at $12.8 billion in 2021.
And like Shell, which has announced that it is slowing down its investments in renewable energies, BP will instead focus on its core business. Accused of greenwashing in recent years with announcements about renewable energies, the firm no longer even makes the effort of announcement effects.
Thus, British Petroleum has revealed that the reduction in its gas and oil production will not be as significant as expected. Initially, the plan was to lower this production by 40% by 2030. Eventually, the brand will reduce this production by 25% by the end of the decade.
It was the CEO of the company, Bernard Looney, who announced all these new measures. “Governments and corporations around the world are asking businesses like ours to invest in today’s energy system”he told the Financial Times.
Greenwashing continues at BP
Looney has been at the helm of BP since February 2020, and the idea of drastically cutting oil production was his. However, it also cost BP dearly, not in terms of gross profit, but in terms of competition. Indeed, the other oil companies did not announce such measures, and profited more than BP.
The objective now is therefore to slow down the transition to renewable energies, and not to turn around. “The strategy is to invest in today’s energy system, and to invest to accelerate the transition. We are leaning towards that”Looney added.
Unfortunately, this discourse is quickly confronted with a completely different reality. Because even if BP will increase its investments in renewable energies by 8 billion dollars until 2030, the company will do the same for fossil fuels.
Once again, we find a real greenwashing strategy. Indeed, on the one hand, BP is waving the red rag on the environment and promising an increase in investments in this regard, to finally indicate that fossil fuels will also gain in importance in its strategy.
” Everyone wins “, said an investor in reaction to this statement. A phrase that sums up in itself the poor perception oil companies have of the environmental situation.
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After a record year, BP will invest more in fossil fuels