BP has put bp Wind Energy, its onshore wind business in the US, estimated to be worth $2bn, up for sale as it trims its renewables business. The oil major has refocused on its core oil and gas business since Murray Auchincloss was appointed chief executive in January, the Financial Times writes.
Response Follow This
These kind of business decisions remove any doubt about BP’s intentions: the company wants to stay in fossil fuels as long as possible. The board not only endangers the global economy by exacerbating the climate crisis, but also puts the company’s future at risk. Policy interventions, disruptive innovation, stranded assets, and accountability for climate change costs all jeopardize the future of oil and gas corporations.
Investors hold the key
BP’s refocus on fossil fuels is a direct result of the decrease in shareholder pressure to reduce carbon emissions. This release of pressure was shown by a decrease in votes in favour of the Follow This climate resolutions that support emissions reduction targets. BP took this release as a cue for to shift its focus back towards fossil fuels.
Large shareholders hold the key to tackling the climate crisis with their votes at shareholders’ meetings. BP will only change if more shareholders vote for change.
Read the full story in the Financial Times
