BP’s US boss has rejected claims that the company is capitalising on surging oil prices by compromising its green ambitions.
Despite announcing a reduction in emissions targets, from 35% to 40% by the end of the decade to a more modest goal of 20% to 30% by 2030, BP America’s chair, Dave Lawler, has stated that the company’s strategy has remained unchanged.
He reaffirmed the company’s commitment to its energy transition plans and pledged additional investment dollars to that effect.
The reduced emissions targets are said to be a response to concerns raised by BP CEO, Bernard Looney, over the returns on renewable investments such as wind and solar.
Looney’s reservations have reportedly led him to refocus the company’s efforts on maximising profits and persuade shareholders of its commitment to that objective.
Despite announcing profits of nearly £7bn, the highest in almost 14 years, the company remains committed to its green initiatives.
