BP defends hydrocarbon role in transition strategy
Emissions reductions targets should not be proxy for underinvestment in hydrocarbons, CEO tells analysts
BP has defended the role of hydrocarbons in the development of its business and said its transition strategy should not be characterised as a switch from oil to renewables. “This is not actually the case. We are building a renewables business to be part of an integrated value chain—this is not an oil-to-renewables story,” CEO Bernard Looney said on a third-quarter results call with analysts. Looney also stressed his belief that BP is better placed to finance investment in renewables as a single integrated company, with hydrocarbon assets generating cash. “When I look at some (pure-play) renewables companies, I see some of them struggling to fund their growth—that is not a problem we have,” h

Also in this section
27 May 2025
EU Parliament and Council both agree to exempt bulk of importers from paying a carbon tax on goods imported into the EU
27 May 2025
Carbon capture, utilisation and storage needs stable policy, investable frameworks and coordinated infrastructure if it is to be developed at scale
19 May 2025
The two Gulf states are combining fossil fuel production with ambitions to become leaders in low-carbon energy
14 May 2025
Deal with Calpine shows oil and gas major ExxonMobil has no intention of curbing its CCS ambitions, despite US policy risks and broader scepticism over the energy transition