Energy giant British Petroleum (BP) recently announced a shift back to oil and gas production and cuts to investments in renewable energy. The strategy shift follows similar moves by Shell and Equinor scaling back green energy investments. BP’s motivation is likely financial: with renewables less profitable than oil and gas, with the company facing pressure from stakeholders to meet expected returns and maximise the company’s value. Climate groups have criticised BP’s decision, with dozens of BP’s own stakeholders signing an open letter expressing their concern about the company’s direction and the shift back to fossil fuel production.
