In 2020, BP’s CEO Bernard Looney said the oil giant was in the process of moving into renewable energy. But realities of the oil market in 2022 prompted a change in direction
In addition to upping its spending plans on oil and gas, BP also downgraded its pledge to cut its output by 40 per cent to just 25 per cent by 2030, news that came as no surprise to critics of the company.
“This should be the last nail in the coffin of the oil industry’s green claims,” Keith Stewart, with Greenpeace Canada, told CBC News. “Even as Big Oil rakes in record profits, they are delaying action on the climate crisis to make a few extra bucks while people and ecosystems pay the costs in ever more extreme weather, wildfires, drought and flooding.”