BP has been accused of “abandoning renewables” after the oil giant halted plans for new offshore wind projects.
New CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects, in a move seen as an attempt to pacify investors unhappy with its green targets.
Instead, BP is placing a renewed emphasis on oil and gas, it has been reported by Reuters.
Auchincloss is reportedly looking at investing in and possibly acquiring new oil and gas assets to bolster BP’s existing operations, particularly in the Gulf of Mexico and in the US onshore shale basins, where it already has large operations.
The move signifies a marked contrast to the CEO’s predecessor Bernard Looney who moved the business away from fossil fuels.
Greenpeace UK accused of the company of “abandoning renewables”.
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Areeba Hamid, Greenpeace’s joint executive director, said: “Murray Auchincloss had a chance to build on his predecessor’s legacy and become part of the solution to the climate crisis, rather than its harbinger.
“Instead, BP is following other fossil fuel majors by abandoning renewables and doubling down on oil and gas in the hopes of a quick buck.”
Alice Harrison, the head of fossil fuels campaigning at Global Witness, said: “Since the energy crisis began earning [BP] record-breaking profits, it has shown its true colours, slashing its climate targets and renewables investments in favour of earning a quick buck from increased fossil fuel production.”
BP said its destination – transforming from international oil company to integrated energy company – remains unchanged, but it is “going to deliver as a simpler, more focused and higher-value company”.
“We set out six priorities that underpin this, including driving greater focus into the business, on to activities that create the most value, as well as delivering both the next wave of efficiencies and BP’s growth projects.”
Earlier this month, former BP boss Lord Brown called for a halt to new North Sea oil and gas drilling licences.
