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
17 July 2025
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
9 July 2025
Latin American country plans a cap-and-trade system and supports the scale-up of CCS as it prepares to host COP30
3 July 2025
European Commission introduces new flexibilities for member states to ease compliance with headline goal
1 July 2025
Supportive government policy, deforestation threat and economic opportunity drive forward the region’s monetisation of forest carbon