Is an oil major finally getting serious about climate?
Let’s take a look 🧵
cnn.com/2020/08/04/bus…
This is a BIG deal.
It’s the first time an oil major has admitted it needs to slash production to meet its climate goals.
Up until today, no oil major had pledged to do so. That’s a breakthrough. productiongap.org/2019report/
But I think @FuelOnTheFire and other smart folks have those exact numbers.
It will have developed 50 gigawatts of renewable energy, up from 2.5 gigawatts today, and will have 70,000 electric vehicle stations, up from 7,500.
nytimes.com/2020/04/16/bus…
First off: BP is leaving out a *big* part of its business, it’s 20% stake in Russian oil giant Rosneft.
It needs to account for those emissions.
insideclimatenews.org/news/04082020/…
unearthed.greenpeace.org/2020/08/02/bp-…
BP slashed 10,000 jobs back in June. This is why we need governments to adopt a just transition policy ASAP.
axios.com/bp-cut-global-…
Just check out this package of “re-branding” materials from January 2020 that got leaked to Drilled News.
(My favorite: how can BP be more like @GretaThunberg?)
drillednews.com/post/is-bp-rea…
Until we start seeing wells shutdown (not sold) and remediation underway, stay skeptical.
Their stock price, which is down 40% this year, jumped 7.5% on this news (even with the news they're cutting their dividend).
BP has admitted there is no future for oil. They’ve publicly committed to slash production and invest in clean energy.
Now, we need to hold them to it.
BP deserves relentless, unmitigated pressure until the day we’ve finally ended the use of fossil fuels once and for all.