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illuminem summarizes for you the essential news of the day. Read the full piece on The Economist or enjoy below:
🗞️ Driving the news: BP (see sustainability performance) is reportedly planning another strategic shift, potentially reversing its previous commitments to reduce oil and gas production and invest heavily in renewable energy
🔭 The context: Over the past 25 years, BP has faced significant challenges, including major safety incidents like the Gulf of Mexico oil spill and the resignation of several CEOs
• The company's attempts to decarbonize profitably have been problematic, exacerbated by early promises to move "beyond petroleum"
🌍 Why it matters for the planet: A potential shift back to fossil fuels by BP could hinder global efforts to combat climate change, as the company's previous commitments were aligned with reducing carbon emissions and promoting sustainable energy solutions
⏭️ What's next: BP's upcoming strategy update on February 26 is expected to clarify its future direction, indicating whether it will continue its energy transition efforts or refocus on traditional oil and gas operations
💬 One quote: "The company’s return to its oil and gas roots will likely see the sanctioning of potentially large, high-cost projects"
📈 One stat: BP's share price has fallen significantly due to unmet market expectations and substantial writedowns, causing investor frustration
See here the detailed sustainability performance of BP
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