What does BP’s renewed emphasis on oil and gas imply for the private sector’s ability to transition to more sustainable fuels voluntarily?What Big Oil’s bumper profits mean for the energy transitionBP has long staked a claim as one of the leaders of the fossil fuel industry in tackling climate change. In March 2002, its CEO declared in a speech at Stanford that BP would now mean “Beyond Petroleum.” Yet its journey has been fraught.
Anja-Isabel Dotzenrath, BP’s executive vice-president for gas and low-carbon energy, said the increased capital expenditure demonstrated the group’s continued commitment to rolling out 50 gigawatts of renewable power by 2030. She said BP will maintain a long-term ambition to reach net zero emissions by 2050, and to use 50 per cent of investment on low-carbon businesses by 2030 — an amount similar to that of oil and gas.
To some critics, the objective for any fossil-fuel company to achieve actual net zero, including downstream scope 3 emissions for those in its supply chain, is an existential threat, especially if it is to be achieved in time to meet the Paris Agreement targets. iii) Is the pressure from shareholders just too much to maintain any kind of serious carbon reduction goals? The valuation of companies like BP and Shell, which have embraced climate-friendly investments in renewable energy, have substantially lagged behind those of their American rivals ExxonMobil and Chevron, which have largely stuck to producing oil and gas.
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