A company that until recently was still mouthing (just softly) former boss Bernard Looney’s old 2020 refrain about “reimagining energy for people and our planet” has relegated investment in low-carbon energy to 5% or less of the overall budget.
Even after he ditched the climate goals, and vowed to pray solely at the altar of shareholder value, the shares fell by 1.4% on a day when the FTSE 100 index was up.
Fossil fuel giant’s strategic U-turn may be far-reaching but even after ditching climate goals the shares fell.
BP’s new strategy is “exciting”, said chief executive Murray Auchincloss at one point during Wednesday’s long City presentation.
And, having bought full control of solar developer Lightsource only last year, BP now wants to find a partner to share the capital load.
