BP expected to scrap renewables target in shift back to fossil fuels
GuardianFEB 24
BP Abandons Green Energy Goals, Pivots Back to Fossil Fuels
Above: The logo of the multi-national oil and gas company BP (British Petroleum) at a petrol station in Orpington, east London, on Feb. 11, 2025. Image copyright: Ben Stansall/AFP via Getty Images
The Spin
Narrative A
The shift back to fossil fuels is crucial for BP's financial survival and maintaining shareholder value, as demonstrated by the company's underperformance compared to competitors that have maintained robust fossil fuel portfolios. The transition to renewable energy has been costly and inefficient, while oil and gas continue to provide superior returns and satisfy global energy demands.
Narrative B
The science has not changed; climate change remains a serious issue. BP's reversal of its climate commitments represents a dangerous step backward in the battle against climate change, undermining global efforts to transition to renewable energy. This decision prioritizes short-term profits over long-term sustainability and disregards the increasing risks of extreme weather events and the growing demand for climate action.