Major oil company caves to investor pressure and abandons ambitious goals — here's the new direction

Oil giant BP has announced that it is scrapping its target to boost renewable energy sources and will focus on dirty fuels instead.

What's happening?

BP previously aimed to generate 20 times more renewable energy by 2030, but CEO Murray Auchincloss abandoned this goal, according to Reuters in late February. BP released a "reset strategy" on Feb. 26 that included oil and gas investment and lower investment in energy "transition" business.

Due to investor concerns, the corporation had already ditched its goal to reduce oil and gas output by 2030, per Reuters. To lower debt and increase returns, BP will also reportedly cut other low-carbon investments. 

Why is it important for corporations to reduce their carbon emissions?

Critics have frequently accused oil and gas companies of greenwashing, but it seems as though the new tactic is to abandon all pretense that these corporations are trying to be more sustainable. BP isn't the only dirty energy company walking back on its promises. For instance, Shell had a profit of about $14 billion for the first half of 2024 after weakening its climate pledges. 

Ultimately, when companies prioritize profits — whether it's relying on toxic "forever chemicals," allowing deforestation, or trying to circumvent air pollution regulations — people suffer. As for oil and gas companies, pollution from dirty fuels is linked to millions of annual premature deaths. 

And because of their size, major corporations can play a disproportionate role in negatively impacting global health. Moreover, while BP didn't provide names of concerned investors to Reuters, the average billionaire emits 1 million times more carbon pollution than a person from the poorest 90% of the world population, according to one assessment. Beyond this, another study estimated that the wealthiest 10% of Americans are responsible for 40% of the country's heat-trapping air pollution.

What's being done to hold oil giants accountable?

The key to holding mega-polluters accountable is to target their primary concern — their profits. 

Previously, gas and oil giant Suncor Energy agreed to pay a $10.5 million settlement to Colorado's Department of Public Health & Environment. A separate lawsuit in Chicago has named BP, Chevron, ConocoPhillips, Exxon Mobil, Phillips 66, and Shell. Even the Supreme Court has blocked oil companies' tactics to delay lawsuits.

Will America someday get all its energy from renewable sources? Yes — very soon ☀️ Yes — by 2050 ⏰ Yes — by 2070 ⏳ Probably never ❌ Click your choice to see results and speak your mind.

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