On February 12, 2020, Bernard Looney, BP’s chief executive, arrived at the Royal Lancaster hotel in Central London to reveal the company’s groundbreaking new strategy. This event was not the typical presentation given to City analysts, but rather a platform for Looney to set the green agenda.
Agenda: Alix Steel hosts a question-and-answer session with Bernard Looney
Looney made a bold declaration that BP would achieve ‘net zero’ by 2050, becoming the first oil giant to do so. He also announced a plan to cut oil and gas production by 40% by 2030. The audience, including top media representatives, was stunned by the scale of the ambition.
However, Looney’s tenure was cut short after revelations of undisclosed relationships with colleagues emerged. The fear among environmentalists is that without him, BP may abandon its green agenda and focus solely on oil production.
While BP remains committed to renewable energy projects, there are concerns that the company will pivot back to its core business of oil and gas exploration and exploitation. The direction BP will take under its new leadership is still uncertain.
BP has a history of controversy, with previous chief executives facing scandals that led to their resignations. The future of the company is now up for grabs and will depend on the decisions made by its new leadership.
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