British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.
“This move by oil giant BP clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted with fixing the climate crisis or leading the transition to renewable energy we so badly need," said Matilda Borgström, U.K. campaigner at climate action group, 350.org.
“Pumping money into more oil and gas increases the risk of climate impacts for us all, flies in the face of legal climate targets, and with the renewables sector growing exponentially is a big risk to the shareholders that BP is so keen to please,” she added.
In a statement titled “Reset BP,” the company said it will reduce its spending on net zero transition businesses by $5 billion a year to up to 2 billion.
CEO Murray Auchincloss said that the company is focusing its spending on BP’s “highest-returning businesses to drive growth" and that will be “very selective" in its investments in renewables.
