The ‘Energy Transition’: Learning and Retreat at BP

[rangerrebew]

The ‘Energy Transition’: Learning and Retreat at BP
By Allen Brooks -- February 22, 2023

“Physical and economic realities must not only be considered but controlling. Wishing and hoping for change is not a successful business strategy, and the past few years have awakened BP management to that reality.”

“Leaning in” is a phrase BP plc CEO Bernard Looney likes to use to describe how his company is embracing the energy transition. BP is transitioning from an “international oil company” to an “international energy company,” according to Looney. This means more renewable energy and less oil and gas. Looney invoked “leaning in” in February 2020 when he introduced new strategic aims for BP to reach “net zero carbon emissions on an absolute basis by 2050 or sooner.”

The Plan

In Looney’s presentation, “Reimagining energy, reinventing BP,” he said BP needed to reinvent itself as a clean-energy producer because climate change demanded it. The company needed to be part of the solution and no longer part of the problem. Looney said not only did the public demand such a shift but so too did BP investors and employees. Some observers wondered if this would be a redo of the late 1990s failed rebranding of BP as Beyond Petroleum.

https://www.masterresource.org/energy-transformation/energy-transition-learning-retreat/

[Free Vulcan]

The 'transition' will mean a whole lot less energy and more depopulation/decivilization.

There will be no Green Economy. Not for us anyway.

[catfish1957]

Thank God, this isn't the oil company I retired from, though I have a ton of friends who made their way over to the Amoco ranks.
This company is worth about half of what it was worth about 15 years ago.  They've made a habit of bad decisons in that timeframe, and this one tops them all.

I'd short the mofo based on these kind of assinine suicidal comments. 

[Fishrrman]

Vulcan predicts:
"The 'transition' will mean a whole lot less energy and more depopulation/decivilization"

There isn't going to BE an "energy transition".

There will be an attempted FORCED "energy transition" that will fail, perhaps after an energy catastrophe in those nations/regions that were previously being forced to transition.

And then... the sensible portions of humanity will pick themselves up, and go back to using fossil fuels as the primary source of energy, as they were doing until c. 2000.

Petroleum, natural gas, and, last-but-not-least, COAL.

[DefiantMassRINO]

The Candians, Australians, Brazilians, South Africans, Italians, and Private Equity are gladly filling the void left by the dumb Americans, Brits, Dutch, and French.

India now has the worlds largest refinery for all that Russian, Iranian, and Venzuelan oil that can be bought for cheap thanks to US sanctions.

My wife was crapping her pants paying our latest monthly electric bill - $500.  Massachusetts Limousine Liberals placed all their hopes on Cape Wind and the Maine Connector while closing nuclear, coal, and natural gas power plants - Yankee Rowe, Pilgrim I, Somerset, Salem, and Everett.  Solar doesn't help much during the darkest time of year.

The Libs don't care because they are wealthy enough to not care.  When push comes to shove for poor and working unwashed masses, they will suggest a government subsidy - anything to not add build new fossil fuel power plants.  The only option for many is to move.

Yes, we brought it upon ourselves by voting in these blockheads, but average citizens cannot afford to run for public office because they can't afford to risk lost income and lost health insurance.  This is where the state parties could help to assist candidate recruits run for office.
 

[Free Vulcan]

The Candians, Australians, Brazilians, South Africans, Italians, and Private Equity are gladly filling the void left by the dumb Americans, Brits, Dutch, and French.

India now has the worlds largest refinery for all that Russian, Iranian, and Venzuelan oil that can be bought for cheap thanks to US sanctions.

My wife was crapping her pants paying our latest monthly electric bill - $500.  Massachusetts Limousine Liberals placed all their hopes on Cape Wind and the Maine Connector while closing nuclear, coal, and natural gas power plants - Yankee Rowe, Pilgrim I, Somerset, Salem, and Everett.  Solar doesn't help much during the darkest time of year.

The Libs don't care because they are wealthy enough to not care.  When push comes to shove for poor and working unwashed masses, they will suggest a government subsidy - anything to not add build new fossil fuel power plants.  The only option for many is to move.

Yes, we brought it upon ourselves by voting in these blockheads, but average citizens cannot afford to run for public office because they can't afford to risk lost income and lost health insurance.  This is where the state parties could help to assist candidate recruits run for office.

And the woke libs think they are so smart. Can't seem to grasp that if things shift there will be no more Petrodollar, it's value will collapse, and they will have little to nothing.