Daily Management Review

BP criticized for plans to increase oil and gas investment


12/28/2022


The British BP’s plans to invest twice as much in oil and gas projects as in renewable energy have drawn criticism from the Green Party of England and Wales and Friends of the Earth, according to the Guardian newspaper.



Lewis Clarke
Lewis Clarke
The publication notes that BP will set aside $7.5 billion per year for investments in oil and gas projects from 2023 to 2025, and between $3 billion and $5 billion per year for investments in "green" energy.

The newspaper reports Friends of the Earth’s Mike Childs as saying, "It's remarkable that in the middle of the climate catastrophe, BP proposes to invest billions of dollars more in fossil fuels scorching the planet than in green renewable energy."

According to the newspaper, Adrian Ramsay, co-chairman of the Green Party of England and Wales, urged the British government to intervene and take all necessary measures to protect the environment. He added that energy firms are still attempting to maximize the use of fossil fuels.

source: theguardian.com