BP Abandons Renewables to Focus on Oil Amid Shareholder Pressure
Douglas McIntyre, Editor-in-Chief at Climate Crisis 24/7, reports that BP, the world’s eighth-largest oil company, has abandoned its renewable energy ambitions. The company made the decision to save money and respond to shareholder demands for higher stock prices. As a result, BP will focus on drilling for more oil, citing difficulties in making renewables profitable. This move is part of a broader industry trend, as increasing oil demand and fewer regulatory restrictions on greenhouse gas emissions push energy companies away from renewables.
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