BP have sparked fury among London’s eco-activists following a reset of their strategy towards fossil fuels.
A major pivot in strategy away from renewable energy and towards fossil fuels was announced this morning by BP, the multinational energy company headquartered in London.
The announcement included plans to boost funding towards oil and gas projects by $10billion (£7.9bn) per annum, a roughly 20% increase, and slash previously planned investment in the green energy sector by over $5bn (£3.95bn).
Greenpeace UK senior climate adviser Charlie Kronick said: “This is positive proof that fossil fuel companies can’t or won’t be part of climate crisis solutions. This conversation is over.
“The Climate Change Committee has said today UK emissions must be drastically slashed. The reality is now it’s up to the government to see this through and to ensure companies like BP pay their share for the climate damage they’re causing.
“The UK is seeing more and more storms and floods, with people’s lives, homes, or businesses ruined. Responding to the climate crisis can’t be driven by the whims of investors or the markets.”
Pressure group Just Stop Oil will gather in Parliament Square in April to demand the UK government stops the extraction and burning of oil, gas and coal by 2030.
A Just Stop Oil spokesperson said: “Once again the fossil fuel industry reveals its true colours. Continuing to extract and burn oil, gas and coal is an act of war against humanity.
“Innocent people already face unliveable conditions, drowning in their homes, overheating in the streets, starving as crops fail.
“Burning more fossil fuels will kill hundreds of millions of people and tip us into societal collapse.”
Shell and Equinor, two other energy multinationals, announced plans to scale back investment in green energy in the past month as well.
BP CEO Murray Auchincloss said: “We will be very selective in our investment in the [green energy] transition.”
However, a BP spokesperson added the company’s commitment to a green future remains unchanged, and it continues to strive for net-zero status by at least 2050.
Picture credit: Free to use from Unsplash
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