[JohnMakin]

> BP (BP.L), opens new tab has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

> The company continues to target net zero emissions by 2050. "As Murray said at the start of year... the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company," a BP spokesperson said.

Bit confused by the discrepancy of these statements. Is this because this is an insider source that has not been officially announced (seems like it), or are they saying "We still plan to cut emissions by 2050... maybe sometime later" (seems less likely).

[tw04]

They’re claiming to target 2050 in the hopes that the EU won’t come down on them with a sledge hammer.

The fact they’ve cut all targets for 2030, and cut back all renewable plans tells you there’s no actual plan to hit net zero.

This was a pretty obvious end result when the head of their renewables group resigned in April and instead of replacing her they decided to “shrink the executive group” by exactly one headcount.

https://www.reuters.com/business/energy/bp-cuts-size-executi...

[JohnMakin]

yeesh, yea that makes sense. I personally think it was obvious quite a while ago, but the greenwashing lobby would scream you down if you dared challenge the long term efficacy of such programs. I don’t pretend to know the solution but asking the person nicely creating the problem to please stop making the problem worse doesn’t appear to have been a sound one.

The thing that truly drives me nuts is people still scream and yell about small individual actions mattering when stuff like this is going on, it just seems like gaslighting to me.

[freefal67]

My cynical interpretation is that the current CEO needed to begin taking steps to meet this 2030 goal and determined they didn't make financial sense. The 2050 goal is also unrealistic but is his successor's problem.