For at least one capitalist corporation (actually for *most* of them), Business As Usual is continuing and maybe even getting better.
Drill, baby, drill? BP loves that idea! To hell with "net zero" and a Green Transition, which they probably never took seriously anyway.
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Oil giant BP has abandoned its net-zero plans and will invest more in fossil fuel expansion.
Five years ago, the company promised to cut oil and gas production to 1.5 million barrels a day by 2030. But oil’s falling share price and the Trump administration's pro-fossil fuel policies have prompted a rethink, and the company now plans to increase production to 2.4 million barrels a day while cutting $5 billion from its renewable energy investments.
With deregulation making oil and gas more attractive to investors, BP has chosen to prioritise short-term profits over long-term sustainability — a move that could embolden other energy giants to follow suit, undermining efforts to curb climate change. It’s a bet against the urgency of the crisis — a gamble with far-reaching consequences for the planet’s habitability.
Trump's "drill, baby, drill" mantra and regulatory rollbacks — such as expanded drilling leases and eased restrictions on LNG exports — have made oil and gas a safer bet.
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FULL ARTICLE -- https://theclimatehistorian.substack.com/p/bps-u-turn-betting-big-on-oil-and?r=1qy42b&triedRedirect=true
#Environment #Climate #ClimateChange #Capitalism #BusinessAsUsual
Drill, baby, drill? BP loves that idea! To hell with "net zero" and a Green Transition, which they probably never took seriously anyway.
______________________________________
Oil giant BP has abandoned its net-zero plans and will invest more in fossil fuel expansion.
Five years ago, the company promised to cut oil and gas production to 1.5 million barrels a day by 2030. But oil’s falling share price and the Trump administration's pro-fossil fuel policies have prompted a rethink, and the company now plans to increase production to 2.4 million barrels a day while cutting $5 billion from its renewable energy investments.
With deregulation making oil and gas more attractive to investors, BP has chosen to prioritise short-term profits over long-term sustainability — a move that could embolden other energy giants to follow suit, undermining efforts to curb climate change. It’s a bet against the urgency of the crisis — a gamble with far-reaching consequences for the planet’s habitability.
Trump's "drill, baby, drill" mantra and regulatory rollbacks — such as expanded drilling leases and eased restrictions on LNG exports — have made oil and gas a safer bet.
______________________________________
FULL ARTICLE -- https://theclimatehistorian.substack.com/p/bps-u-turn-betting-big-on-oil-and?r=1qy42b&triedRedirect=true
#Environment #Climate #ClimateChange #Capitalism #BusinessAsUsual
