BP Slashes Renewable Spending by More than $5 Billion and shifts strategy towards fossil fuels

Good news! Stop the waste on so called clean, renewable energy!

Hopefully, other oil companies like BP will follow!

"BP opens new tab slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and investor confidence. ..."

"... Disciplined investment in the transition: selective investment in biogas, biofuels and EV charging; capital-light partnerships in renewables; focused investment in hydrogen/CCS; investment in transition businesses of $1.5–2bn p.a., over $5bn p.a. lower than previous guidance. ..."

BP Slashes Renewable Spending by More than $5 Billion "British Petroleum (BP) on Wednesday said it would slash its renewable energy businesses by more than $5 billion."

BP cuts renewable investment and boosts oil and gas in strategy shift

Growing shareholder value: a reset bp (original news release) "bp today introduced a fundamentally reset strategy, with significant capital reallocation, and plans to drive improved performance, aimed at growing free cash flow, returns and long-term shareholder value."