26 February. London, UK. Oil giant BP has announced its intent to dramatically cut renewable energy investment and ramp up its oil and gas production. This move comes after the corporation told investors it was planning a ‘strategic reset’. In order to limit the worst impacts of the climate crisis fossil fuels must be phased out. This announcement is at odds with people’s needs for clean, affordable energy, international climate targets, and scientific consensus.
Matilda Borgström, UK campaigner at 350.org said
“This move by oil giant BP clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted with fixing the climate crisis or leading the transition to renewable energy we so badly need. The climate crisis isn’t going away, and neither is public demand for urgent action to fund the switch to safe, affordable renewable energy. Pumping money into more oil and gas increases the risk of climate impacts for us all, flies in the face of legal climate targets, and with the renewables sector growing exponentially is a big risk to the shareholders that BP is so keen to please.”
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Media contact: Mark Raven, [email protected], +447841474125