BP’s bold U-turn on green energy sparks debate

BP’s CEO, Murray Auchincloss, is making waves with a major strategy shift—ditching green energy commitments in favour of ramping up fossil fuel production. This “fundamental reset” comes amid investor pressure over BP’s lagging share price, with Auchincloss stating shareholders are backing the move.

By 2030, BP plans to increase oil and gas production to as much as 2.5 million barrels per day, scrapping its previous reduction targets. Annual spending will jump 20% to $10bn (£7.8bn), reflecting a stark reversal of the company’s 2020 transition ambitions.

With BP trailing behind Shell and ExxonMobil in market performance, activist investors like Elliott Investment Management are pushing hard for the shift. The question now is: will this course correction secure BP’s future or set it back in a rapidly evolving energy landscape?

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