BP CEO Murray Auchincloss has boldly defended the company’s controversial decision to reverse its ambitious renewable energy commitments and ramp up fossil fuel production. This strategic U-turn comes after relentless investor dissatisfaction over the company’s lagging stock performance, underscoring a stark reality: market sentiment still favors profitability over ambitious green transitions. Auchincloss admits that BP’s previous rush towards renewables was overly optimistic—a sobering admission reflecting the brutal economics of energy transformation. Investors appear supportive, emphasizing speed in implementation rather than sustainable aspirations.
via oilprice.com
