Why BP is cutting back on its climate goals

The oil giant's decision won't help the fight against climate change

oil barrels.
(Image credit: Illustrated | Gettyimages)

The road to a carbon-free world just got a little bumpier. BP — the energy company that pledged in 2020 to slash its carbon emissions to net zero — this week announced that its transition to renewable energy will slow down. Instead, The Wall Street Journal reports, the company is going to increase its spending on oil and gas after earning nearly $28 billion in profit for 2022. "At the end of the day, we're responding to what society wants," said Bernard Looney, the company's CEO. Critics say the decision will make it more difficult for the world to slow the rate of climate change. "Just when we need to be rolling back oil & gas production @BP_plc is rolling back its climate commitments," tweeted Doug Parr, the chief scientist for Greenpeace UK. Why is BP backing off its climate commitments? Here's everything you need to know:

What were BP's climate goals?

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