BP's next transition
Among the 5 European majors, BP has the strongest climate strategy, and for the first time, there is a divergence in the way Shell and BP are approaching climate transition.
The BP board faces a pivotal decision on whether it appoints a CEO aligned with a focus on pursuing value from low carbon.
BP’s low carbon strategies over the last 15+ years (below) have experienced many iterations, with long-term execution a challenge. We will be waiting to see if it can see through the execution of its current strategy.
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01
Maintaining strong capacity growth in low carbon energy as seen in 2Q23.02
Holding its commitment to peer-leading low carbon capital expenditure.03
Continuing to set clear low carbon earnings targets. -
01
Resilience of its current strategy in a volatile market.02
BP prioritising distributions at the expense of low carbon investment.03
Abandoning its targets to decrease oil and gas production.
