- BP announced a scaling back of its climate goals last month as it unveiled record annual profits in 2022 after oil prices surged following Russia’s invasion of Ukraine.
- BP plans an aggressive oil output increase in the US and is slowing down its planned production cuts elsewhere.
- BP's target to slash oil output by 40% by 2030 was reduced to 25%.
- BP recently spent $4.1bn buying renewable natural gas producer Archaea Energy.
- BP plans to use green hydrogen to “begin decarbonising” its two US refineries.
BP insists it is not slowing green transition to cash in on high oil prices
Boss of US operations says renewables strategy unchanged despite company planning aggressive production increases
Derek Brower
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