- 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
BP announced a scaling back of its climate goals last month after oil prices surged, targeting 25% oil output reduction by 2030. BP recently bought renewable natural gas producer Archaea Energy and plans to use green hydrogen to decarbonize its US refineries.