Looney has previously called BP a “cash machine” due to its prodigious financial returns, while the company’s finance chief, Murray Auchincloss, last year admitted that “it is possible that we are getting more cash than we know what to do with”. ![]() “At the end of the day, we’re responding to what society wants.” “We need continuing near-term investment into today’s energy system – which depends on oil and gas – to meet today’s demands and to make sure the transition is an orderly one,” said Bernard Looney, BP’s chief executive. The sale of oil and gas remains so enticing that BP this week announced it is scaling back its climate ambitions, retaining its fossil fuel assets for longer than it previously expected. Last year, more than $1tn were invested in fossil fuel infrastructure and extraction worldwide. It was probably the worst time to come to power, but probably also the best of times, as Charles Dickens says, he shares. We need a renewables revolution, not a self-destructive fossil fuel resurgence.”Įven though the rollout of renewable energy such as solar and wind is gathering momentum around the world, countries are still forging ahead with numerous “carbon bomb” projects that would push the world beyond agreed “safe” temperature limits. Shrikant has worked at IndianOil for more than 35 years and became Chairman in July 2020, in the midst of the initial global chaos caused by the COVID-19 pandemic. “If you cannot set a credible course for net-zero, with 20 targets covering all your operations, you should not be in business,” Guterres said. Roszarubezhneft was incorporated in 2020 and soon afterwards acquired the Venezuelan holdings of Russian state-run oil giant Rosneft (ROSN.MM) as Washington imposed sanctions on two of Rosnefts. Bar chart of five oil companies profits from 2018 to 2022Īntónio Guterres, the secretary-general of the UN, was scornful of the industry in a speech on Monday, in which he expressed incredulity at the “monster profits” of fossil fuel companies at a time when the world needs to be rapidly slashing its planet-heating emissions to avoid climate breakdown.
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