BP Slammed for Plans to Invest More in Fossil Fuel Than Renewables
FILE – In this Oct. 25, 2007 file photo, the BP (British Petroleum) logo is seen at a gas station in Washington. BP will spend $7 billion to buy exploration rights to areas in the Gulf of Mexico, offshore Brazil and Canada owned by Devon Energy
MOSCOW (Sputnik) – UK energy major BP has been widely criticized for its plans to invest twice as much money in oil and gas projects that in green energy over the next few years, a British newspaper reported on Tuesday. According to the newspaper, BP is going to allocate $7.5 billion in 2023-2025 to investment in gas and oil projects, while earmarking around $3-5 billion for renewable energy.
"It is astounding that in the middle of a climate emergency BP is planning to invest billions more dollars on planet-warming fossil fuels than on clean, green renewables," Mike Childs, head of policy at Friends of the Earth, an international environmental network, said.
Co-leader of the UK Green party Adrian Ramsay noted that BP’s move was another example showing corporations were not willing to “change their actions in line with what the science demands.” “It is vital that governments step up and do what is necessary to give us the best possible chance of protecting the environment for ourselves and future generations,” Ramsay added. BP is a UK company established in 1909. It is one of the largest oil and gas companies in the world.
