London-based BP said that it will transform itself by halting oil and gas exploration in new countries, slashing oil and gas production by 40 percent, lowering carbon emissions by about a third, and boosting capital spending on low-carbon energy tenfold to $5 billion a year.
Still frame of an avalanche.
With climate change bearing down on the planet and the novel coronavirus upending the fossil fuel business, one of the world’s biggest oil and gas companies on Tuesday mapped out how it plans to navigate the next decade by radically cutting back on its oil and gas business.
The London-based BP said that it will transform itself by halting oil and gas exploration in new countries, slashing oil and gas production by 40 percent, lowering carbon emissions by about a third, and boosting capital spending on low-carbon energy tenfold to $5 billion a year.
“This makes the BP the first supermajor to spell out, in detail, what the energy transition will actually entail, in practical terms,” said Pavel Molchanov, senior energy analyst for the investment firm Raymond James.
While BP announced earlier this year its broad strategy shift to comply with the goals…
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