“BP will slash oil production by 40% and pour billions into green energy”
August 4, 2020
“BP is planning to slash oil and gas production and pour billions of dollars into clean energy as part of a major strategic overhaul unveiled on Tuesday, alongside a huge second quarter loss and dividend cut.
The London-based company said that it plans a 10-fold increase in annual low carbon investments to $5 billion by 2030 as it tries to deliver on its promise of net zero emissions by 2050 and prepares for a world that uses much less oil. BP shares rose as much as 8% in London…
The company expects demand for fossil fuels to fall by 75% over the next 30 years if the increase in global temperatures is limited to 1.5 degrees celsius, or by 50% if warming is less than 2 degrees, BP head of strategy Giulia Chierchia told investors. BP said its oil and gas production will fall by at least one million barrels a day by 2030, a 40% reduction on 2019 levels. The bulk of its annual capital expenditure over the next five years will, however, still be in oil and gas…”
https://www.cnn.com/2020/08/04/business/bp-oil-clean-energy/index.html