CEO’s sexual preferences really shouldn’t be used by oil giants to depose them and row back on climate targets
‘Looney was the last of a generation of BP managers to be mentored by the former chief executive John Browne, who also promised bold steps towards a clean energy transition at the start of the century. He too was forced to quit after admitting he had lied to court about a relationship. After this, BP delayed climate action and increased its cash-cow business of hydrocarbon extraction.’
‘Under Looney, BP had put a little more meat on the bones of the company’s net zero target. He increased investment in renewable energies, hired more clean-tech specialists, and astonished many industry analysts by stating the company did not expect to pump all of the fossil fuels in its reserves.’
‘Petroleum investors have been hard to convince. Despite record profits of $28bn last year, BP’s share price has performed poorly compared with rivals.’
It’s all a little too convenient.
BP isn’t making quite the obscene profits that’s it’s Big Oil rivals are…and so don’t be surprised if the departure of their comparatively green CEO now leads to a watering down of their climate commitments.
There should be more news coverage about this…