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Environmental activists criticise BP's investment plan

27 December 2022
2152
1 min.
5
Environmental activists criticise BP's investment plan

Criticism of BP

Oil and gas corporation BP has been the target of harsh criticism from environmental activists over its 2023 investment plans. This was reported by The Guardian newspaper.

The publication claims that BP intends to invest $7.5 billion annually from 2023 to 2025 in hydrocarbons. On the other hand, an annual budget of $3-5bn is envisaged for the development of low-carbon energy projects. This could rise to $4-6bn in the future.

"A company's spending can tell a lot about its priorities. It is striking that, in the midst of the climate crisis, BP plans to invest several billion more in fossil fuels than in clean, renewable energy," said the spokesman for the environmental organisation Friends of the Earth International (FoEI).

Green Party of England and Wales co-chair Adrian Ramsay said that despite high-profile statements of commitment to an environmental agenda, oil and gas corporations were seeking to "extract as much money as possible from fossil fuels". He appealed to the authorities to put pressure on the big companies.

It is worth noting that 197 countries adopted the Paris climate agreement in 2015 to combat global warming. It calls for substantial reductions in greenhouse gas emissions, which should limit the rise in global temperatures this century to 2 degrees Celsius.

Among the measures that, according to the authors of this document, should help to achieve this goal are the development of renewable energy sources and the reduction of the use of fossil fuels.

Persons1 and Companies4 in the news

Co-leader of the Green Party of England and Wales
1 place
The Guardian
3 place
BP
BP
4 place
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