The company vowed to “reimagine” itself as a net zero energy company by 2050 by cutting oil and gas production by 40% by 2030 and growing its low-carbon energy investments ten-fold to $5bn a year by the end of the decade.
It is a stark shift from the plan set out in 2020 under the then boss, Bernard Looney, when BP won praise from green groups for committing to the most ambitious energy transition plan of any major oil company.
Auchincloss, BP’s former finance chief, told investors that the company’s faith in the green energy transition had been “misplaced” and that the company had gone “too far, too fast” in recent years.
The strategy, put forward by its chief executive, Murray Auchincloss, pulls the plug on BP’s 2020 plan to become a net zero energy company, which he claims was “misplaced” and went “too far, too fast”.
BP has come under pressure from investors to turn its back on its remaining green ambitions after the company’s share price slumped by a quarter in the past two years, while the market value of rival oil companies has climbed.
