BP defends hydrocarbon role in transition strategy
Emissions reductions targets should not be proxy for underinvestment in hydrocarbons, CEO tells analysts
BP has defended the role of hydrocarbons in the development of its business and said its transition strategy should not be characterised as a switch from oil to renewables. “This is not actually the case. We are building a renewables business to be part of an integrated value chain—this is not an oil-to-renewables story,” CEO Bernard Looney said on a third-quarter results call with analysts. Looney also stressed his belief that BP is better placed to finance investment in renewables as a single integrated company, with hydrocarbon assets generating cash. “When I look at some (pure-play) renewables companies, I see some of them struggling to fund their growth—that is not a problem we have,” h
Also in this section
28 March 2024
US company aims to accelerate deployment of new technologies offered by Norwegian pureplay CCS firm
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity