Outgoing chief executive Bernard Looney presided over plans to cut fossil fuel output by end of decade
BP’s climate goals must not “evaporate” along with another chief executive, campaign groups have said after theThe chief executive is stepping down after three years at the helm of Britain’s biggest petroleum company after failing to disclose full details of relationships with colleagues, although many old-school shareholders had also reportedly been putting pressure on him over his plans for a net zero energy transition by 2050.
Petroleum investors have been hard to convince. Despite record profits of $28bn last year, BP’s share price has performed poorly compared with rivals who have used the Ukraine war as an excuse to scale back their climate commitments and talk up the need for increased production., shares in BP have risen by about 7% since Looney became chief executive in February 2020, compared with a 25% climb for Shell.
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 this, BP delayed climate action and increased its cash-cow business of hydrocarbon extraction.
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