BP Transforms into Low-Carbon Power
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•European oil giants step back from renewables path
76% Informative
BP has slowed down low-carbon operations, halting 18 early-stage potential hydrogen projects and announcing plans to sell wind and solar operations.
Shell and Equinor are also scaling back energy transition plans set out earlier this decade .
Change of direction reflects two major developments - energy shock from Russia 's invasion of Ukraine and drop in profitability for many renewables projects, particularly offshore wind, due to spiralling costs.
"BP, for instance, remains caught in the middle, struggling to balance low-carbon investment with shareholder expectations." (Additional reporting by Nerijus Adomaitis . Editing by Jane Merriman ).
VR Score
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