BP’s new sustainability strategy to level-out increases to emissions during a period of business growth has been labelled as “too small” an effort to reduce the company’s exposure to climate risk.
Edie 17th April 2018 read more »
As Bob Dudley set out BP’s strategy for adapting to a lower-carbon energy system at an event in London this week, there was a familiar face in the front row of the audience. “John, I hope what you’ve heard makes you proud,” said the BP chief executive, addressing John Browne, one of his predecessors, who launched the group’s first foray into renewable energy in the 2000s under the slogan “Beyond Petroleum”. Lord Browne’s presence was a reminder of the dilemmas facing BP and other European oil and gas groups, such as Royal Dutch Shell and Total, as they embark on a renewed round of investment in clean technology. Most of the $8bn poured into wind, solar and biofuels by BP during the Browne era was written off in the end because, as Mr Dudley recalled, it had been done in the mistaken belief that policymakers “would begin to look at climate change and create the right incentives” for green energy to develop. “The fact is, it really didn’t happen for a couple decades,” he added.
FT 17th April 2018 read more »