BP cuts back 2030 climate goal

Oil giant BP is scaling back its plans to cut emissions by reducing its oil and gas production by 2030, the company said Tuesday.

In announcing 2022 profit of nearly $27.7 billion, the company said it would now try to reduce the emissions from its products by 20 to 30 percent by 2030.

That’s less ambitious than a goal set by the company in 2020 to slash the emissions of its products by 35 to 40 percent by the end of the decade.

The company also said it plans to grow its oil and gas production for at least a few more years — to 2025. Emissions from the burning of fossil fuels, including oil and gas as well as coal, are the main drivers of climate change.

BP still says it plans to reach net-zero emissions from its products by 2050.

Asked about the move to scale back the 2030 goal, a BP spokesperson pointed to the fact that the company is also increasing its investment in biofuel, renewable energy, hydrogen energy and electric vehicle charging.

Over the past year, oil prices skyrocketed following Russia’s invasion of Ukraine, which contributed to very large profits not just for BP, but many other oil majors.

Generally, the high profits they announced were met with ire from the political left, who lamented high prices that consumers paid at the pump.

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