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3 Comments
From the article: According to three sources who have knowledge on the matter, BP CEO Murray Auchincloss scaled back the company’s energy transition plans in order to regain investor confidence, reported Reuters.
“As Murray said at the start of the year in our fourth-quarter results, the direction is the same but we are going to deliver as a simpler, more focused and higher-value company,” a spokesperson for BP said, as The Times reported.
In 2020, BP unveiled an ambitious strategy to reduce its production by 40 percent, while quickly ramping up renewables by 2030, reported Reuters. In February of 2023, the London-based company pared back the reduction goal to 25 percent, as investors concentrated on near-term profits instead of the energy transition.
In 2022, the oil giant recorded record profits of $28 billion, The Guardian reported.
“It’s clear that Auchincloss is hell-bent on prioritising company profits and shareholder wealth above all else as extreme floods and wildfires rack up billions of dollars in damages, destroying homes and lives all over the world,” said Philip Evans, senior climate campaigner of Greenpeace UK, as reported by The Guardian.
Agathe Masson, Reclaim Finance’s stewardship campaigner, said BP was prioritizing its own output over taking action to help fight the climate crisis.
“BP might be happy to see the planet burn in the name of profits, but investors must take a longer view and reject this climate-wrecking strategy,” Masson said.
Well, yes, of course a corporation is going to prioritise its profits first, the stockholders didn’t put down a down payment on a new yacht for nothing.
A company will only ever do “what’s right for the planet” when it is legally forced to.
Companies will always prioritise profits, they don’t care about the planet because the managers and CEOs will be dead when it’s all destroyed. It’s the government’s and legislation that must FORCE THEM TO DO THE RIGHT THING.