Major oil companies BP and Shell are reversing course on their investments in renewable energy, selling off assets and scaling back ambitions. This shift signals a renewed focus on traditional oil and gas operations.
BP and Shell , two major oil companies, were at the forefront of the push into renewable energy . However, they are now leading the retreat from these investments. BP recently sold its offshore wind assets to a joint venture with Japan's JERA, a move that signals a significant shift in their strategy. BP's CEO, Murray Auchincloss, who took over last year, has accelerated this retreat from renewable targets. This follows an earlier announcement in September to sell its US onshore wind farms.
Previously, under former CEO Bernard Looney, BP had been actively building its wind farm portfolio as part of a comprehensive plan to reduce hydrocarbon production by 40% by 2030, decrease emissions by 35-40% by the end of the decade, and achieve net-zero emissions by 2050. However, the company has since scaled back these commitments, aiming for a 25% reduction in production by 2030 and a 20-30% decrease in emissions. Under Auchincloss, it now appears even these reduced targets are being further scaled back. Shell has also significantly reduced its investment in renewables, including offshore wind and hydrogen. They have lowered their emissions intensity targets and abandoned the goal of becoming the world's largest electricity company. Norway's energy giant Equinor has also announced plans to shrink its renewable energy division. As these major oil companies retreat from renewable energy and downgrade their ambitions in electricity generation, they are refocusing on their traditional oil and gas businesses. Instead of capping or reducing production, they are now planning and investing to increase it
BP Shell Renewable Energy Fossil Fuels Oil Industry
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