BP or formerly British Petroluem, one of the largest fossil fuel companies in the world, made a decisive call, as the company has decided to call it a day on its green ambitions.
BP Abandons Progress
The company has abandoned its plan to transition to greener energy resources; instead, it has decided to invest more in fossil fuels. Profit here is the main aim, as renewables, apart from being difficult and 'new' a market, are not as immediately profitable as fossil fuel.
The company has vowed to increase oil and gas spending by 20 per cent. This would see money spent on non-renewables rise to USD 10 billion annually while cutting its renewables budget by 70 per cent.
As per reports, while Shell offered or managed to give returns of 80 per cent, and the American Exxon Mobil gaves returns of over 100 per cent to its stakeholders, BP managed returns of under 30 per cent. | Representational Image
To Increase Returns
As according to a BBC report, compared to its peers in the business, namely Shell, Exxon Mobil, and Equinor among others, the British oil and gas company could not deliver high returns to is shareholders.
As per reports, while Shell offered or managed to give returns of 80 per cent, and the American Exxon Mobil gaves returns of over 100 per cent to its stakeholders, BP managed returns of under 30 per cent.
While, this is seen as a major setback, as per many observers, and sustainable energy advocates, the return of these companies does not mean a lot, as their promise did not mean lot, and were in fact 'void' of substance, while standing tall on claims and promises.
However, this visible pivot and drop of pretence adds to the woes, as the climate crisis has only aggravated in the recent past.
BP Shares In Red
When we look at the BP shares listed at the London Stock Exchange, the company shares plummeted on the intraday trade on Wednesday.
The company shares dropped in value by 1.52 per cent or Rs 6.65. This took the overall value of the company shares to Rs 430.25 per piece.
