BP is scan in a huge amount of cash these days on oil color , so it wants you to ignore all those lofty hope it made about the climate just a few class ago .
On Tuesday , the company became the latest oil major to post some trulyjaw - dropping returnsfrom its 4th financial after part . Thanks in part to the globose zip crisis complain off by the conflict in Ukraine , oil producers have been rolling in dough for the past year , with companies like ExxonMobil and Chevron have postingrecord profits . BP is no exception . On Tuesday , the caller said its 2022 profits were about $ 27.7 billion , more than twicethe profit it posted in 2021 . Not bad !
And thanks to that big ol’ number , BP order it ’s gon na slow down its progress on the whole mood action thing . In 2020 — as the industry was experiencing a crisis where oil price plunged so gloomy that theybriefly went electronegative — BPsaidit would reduce carbon emissions from its oil and gas production by 35 % to 40 % by 2030 . cover in the fiscal news released Tuesday , however , is a Modern target : The ship’s company has downgraded its destination to between 20 % and 30 % over the same time period , allowing it to keep churning out more of that sweet , sweet crude that ’s so in demand right now after fossil oil prices attain enormous highs this summer .
Photo: Kirsty Wigglesworth (AP)
“ At the last of the Clarence Shepard Day Jr. , we ’re responding to what social club wants , ” CEO Bernard Looneytold reportersabout the change on Tuesday . In a seeming effort to counterbalance the bad news , Looney emphasized in aLinkedIn postthat the fellowship would be investing an extra $ 8 billion in initiatives “ like bioenergy and electron volt - charging that can help masses and businesses go lower C sooner . ”
BP has long been at the forefront of crude companiestrying on green merchandising for size . The climate- and renewables - bear on goals it rolled out in 2020 , announced under the title “ From International Oil Company to Integrated Energy Company , ” are among some of the most belligerent put frontwards by any oil and gasoline troupe . ( That is n’t saying much , given how none of the last - zero promise put forward by any oil major are actually deserving a damn when it follow to the skill , but at least BP is examine slightly heavily than , say , Exxon . )
This is n’t the first time BP has walked back on green promises . In the early 2000s , the company formerly known as British Petroleum resolve to rebrand as Beyond Petroleum , overhaul its logotype and investing in a slew of solar and malarky projects . The company ended up quietlyselling off those renewable assetsin Holy Order to compensate for two pricy vegetable oil spills , include the 2010 Deepwater Horizon disaster . Oop !
Tuesday ’s announcement emphasizes the danger of give up the fox to lead the chicken coop when it comes to the energy passage . In recent years , sense a sea modification in how society view their products , oil majors have been positioning themselves as a core part of the root , coining a lot of Modern terminologyto greenwash their efforts and adorn heavily intechnological solutions to C emissions . The scientific discipline is clear , however : for avert mood tragedy , the world needs to cease using fossil fuel as quickly as potential . As BP ’s announcement clearly illustrates , as long as there ’s still money to be made in fossil fuels , oil companies ca n’t be trusted to do what need to be done .
And while Looney may be falsely attributing BP ’s drive to earn money from oil on what “ companionship wants , ” the rent may yet derive due for companies like his .
“ This is a impermanent situation , ” Nick Butler , who used to be a senior executive at BP and is now a visit professor at Kings College , told the BBC . “ Oil and gas toll are go down and the windfall these companies are making wo n’t last . ”
big oilCompaniesExxonMobilOil companiesPetroleumPetroleum industry
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