BP is set to reverse its commitment to reduce oil and gas production by the end of the decade, part of a broader industry pivot to providing more hydrocarbons.
BP is expected to reverse a previous commitment to reduce oil and gas production by the end of the decade amid a broader pivot in the industry to continue providing the hydrocarbons the world needs, some of the biggest shareholders in the UK-based supermajor told the Financial Times. BP’s peer Shell has already eased its carbon intensity target for 2030 as it has shifted away from clean power sales to retail customers.
Emissions could be reduced faster with more renewables, carbon capture, or hydrogen, but none of these clean energy alternatives have proved ready to replace oil and gas. And most importantly—none of these are as profitable as oil and gas.
Crude Oil Natural Gas Production Climate Environment Emissions
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