By Jo Nova The environmental fashion parade suddenly has a smell…
This is a notable shift: Twenty years ago BP called itself “Beyond Petroleum”, and only one year ago the CEO said BP was “accelerating” its green investments. But now the CEO is reassuring investors that BP is not going to be distracted by environmental goals, and are focused on maximizing profits. Furthermore those profits would be found where it has a competitive advantage, including it’s “legacy oil and gas operations”.
Just like that: it’s OK to talk about profits and energy security. Key words here are “dialing back”, “disappointed”, “narrower” and “less emphasis” and they are all used in relation to environmental investments.
After years of sunshine and unicorns on the forced transition to unreliable energy, the mood appears to be changing.
h/t Paul Homewood at Notalotofpeopleknowthat
BP’s CEO Plays Down Renewables Push as Returns Lag
Bernard Looney seeks to sharpen strategic focus, with less emphasis on environmental goals
Jenny Strasberg, Wall Street Journal
Chief Executive Bernard Looney plans to dial back elements of the oil giant’s high-profile push into renewable energy, according to people familiar with recent discussions.
