has imposed a hiring freeze and halted new offshore wind projects, in an apparent attempt to placate investors who are unhappy with the oil company’s green targets.The decision to slow BP’s green ambitions has stoked concerns that Looney’s plan to move the company away from fossil fuels, with a pledge to “become a net zero company by 2050 or sooner”, may soon be derailed.
Auchincloss is reportedly looking at investing in and possibly acquiring new oil and gas assets to strengthen BP’s existing operations, particularly in the Gulf of Mexico and theEarlier this month BP’s rival Shell set out its own plans to scale back its green growth ambitions, reducing the number of staff working on low-carbon solutions by about 200 roles while shifting the focus
Over the past four years, BP has built up a sizeable portfolio of offshore wind projects capable of generating 9.5 gigawatts of energy in total in the UK, Germany and the US that are yet to be developed. It wants to focus on these assets, it is understood, rather than bidding for new renewable projects.
BP is also investing in biofuels and low-carbon businesses that can generate returns in the short term. A week ago the company agreed a $1.4bn deal to take full ownership of its Brazilian sugar and ethanol joint venture, but it said it was scaling back plans for development of new biofuels projects.
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