BP abandons goal to cut oil output, resets strategy
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Re: BP abandons goal to cut oil output, resets strategy
#2[dead]
Re: BP abandons goal to cut oil output, resets strategy
#3> BP (BP.L), opens new tab has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.
> The company continues to target net zero emissions by 2050. "As Murray said at the start of year... the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company," a BP spokesperson said.
Bit confused by the discrepancy of these statements. Is this because this is an insider source that has not been officially announced (seems like it), or are they saying "We still plan to cut emissions by 2050... maybe sometime later" (seems less likely).
Re: BP abandons goal to cut oil output, resets strategy
#4Pioneering systems theorist Donella Meadows makes a highly salient point. The problem with BP isn't because there are "bad people" at the top, and the solution isn't to replace them with "good people." The problem is that the decision-makers are constrained to act a certain way. If they made different decisions then.... those people won't be the decision-makers anymore! The same is true for politicians, consumers, etc.
It's a systems problem requiring systems solutions, not a problem of (as movies simplistically tell us) "bad people."
Re: BP abandons goal to cut oil output, resets strategy
#5Pioneering systems theorist Donella Meadows makes a highly salient point. The problem with BP isn't because there are "bad people" at the top, and the solution isn't to replace them with "good people." The problem is that the decision-makers are constrained to act a certain way . If they made different decisions then.... those people won't be the decision-makers anymore! The same is true for politicians, consumers, e…
The libertarians constantly spouting that CEOs have a fiduciary obligation to shareholders are making the best argument for increased government regulation possible.
Re: BP abandons goal to cut oil output, resets strategy
#6Pioneering systems theorist Donella Meadows makes a highly salient point. The problem with BP isn't because there are "bad people" at the top, and the solution isn't to replace them with "good people." The problem is that the decision-makers are constrained to act a certain way . If they made different decisions then.... those people won't be the decision-makers anymore! The same is true for politicians, consumers, e…
That saying that goes, we are the only species that will become extinct because survival wasn't profitable enough.
To the systems point we really, really really, really really need to stop subsidizing fossil fuels to 7 trillion a year globally. We have to stop making it profitable and encouraged by the system.
https://www.imf.org/en/Blogs/Articles/2023/08/24/fossil-fuel...
Re: BP abandons goal to cut oil output, resets strategy
#7> as investors focused on near-term returns rather than the energy transition.
If the justification for burning the earth to the ground continues to be “investors focused on short term returns” then governments need to start telling companies like BP they are legally and financially responsible for the effects those policies have on insurance rates and everything else.
At some point if they can’t do the right thing because it’s a sound long term investment strategy, they need to pay the real price of their short term focused strategy.
Re: BP abandons goal to cut oil output, resets strategy
#8It's depressing to see companies moving back towards a carbon-burning future. It seemed like electric vehicles, battery technology, and solar power advancement was finally starting to kill the market for ICE engines and 'dirty' thermal power.
Between reversions like this, RTO mandates, and global conflicts that seem to include blowing up oil refineries it seems like there's absolutely no hope or interest from any major governments, businesses, or organizations to do anything to address global warming and climate change or even maintain our carbon outputs.
Re: BP abandons goal to cut oil output, resets strategy
#9> BP (BP.L), opens new tab has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said. > The company continues to target net zero emissions by 2050. "As Murray said at the start of year... the direction is the same – but we are going to deliver as a simpler, more foc…
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Re: BP abandons goal to cut oil output, resets strategy
#10Pioneering systems theorist Donella Meadows makes a highly salient point. The problem with BP isn't because there are "bad people" at the top, and the solution isn't to replace them with "good people." The problem is that the decision-makers are constrained to act a certain way . If they made different decisions then.... those people won't be the decision-makers anymore! The same is true for politicians, consumers, e…
That saying that goes, we are the only species that will become extinct because survival wasn't profitable enough. To the systems point we really, really really, really really need to stop subsidizing fossil fuels to 7 trillion a year globally. We have to stop making it profitable and encouraged by the system. https://www.imf.org/en/Blogs/Articles/2023/08/24/fossil-fuel...
> we are the only species that will become extinct because survival wasn't profitable enough
If some other species had a comparable concept used to organize themselves, I doubt humans would even be aware of that nuance.