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BP to slash green investment and ramp up gas and oil

dundarious

This is a continuation of a trend for BP, nothing new. They started this bounce back to carbon fuels a few years ago. This is just a continuation of an existing trend that was already announced in public statements. It also has nothing much to do with recent electoral results. Given the choices at the ballot box in the US, there was no way to alter this -- better choices were not on offer. Neither candidate would have led the charge to do the necessary coordinating efforts to get the investments needed.

huijzer

Similar with Shell indeed. From what I’ve heard, Shell electric car chargers are very unreliable. I think it’s a bit like Kodak. They know solar is going to eat (a part) of their lunch, but if they invest in solar then the oil revenue goes down even faster. So they don’t.

throwawaygmbno

Which investment funds didn't completely cave? The ones where you can specifically exclude companies like BP? That seemed to really bother them

webprofusion

This is why being a discerning consumer matters on a global level, eventually. Vote with your wallet and take the financial hit if you have to. Your choices today will matter tomorrow, even if it only matters to your kids.

If we all take the easiest path it will also be the slippery slope to the bottom.

CalRobert

Also worth trying to steer your career towards something meaningful. I get at least some satisfaction that I spend my days trying to make heat pumps better and cheaper

IrishTechie

Bill Gates calls it the ‘green premium’ which I thought was a good way of highlighting that a green option is often there for those able and willing to afford it.

lynx97

It's easy to demand this if you have enough resources/money to spare. Given that the wealth gap widens from year to year, this strategy does not work in the long run. People simply don't have that money to spare. The same issue already exists regarding cheap mass produced food. You only hear privileged people talking about more expensive choices, because they can. The bigger part of population buys the cheap food, because they have no other way to feed their family...

spants

....and stop buying rubbish from China, who dont care about the environment?.

roenxi

This reads like something out of The Onion. The British Petroleum Company has to refocus on petroleum because they pivoted to something else and it turns out that that cheap energy is wildly profitable.

Maybe the UK government will have to step in and refocus BP on windmills or something.

hnlmorg

I don’t know which company you’re referring to because British Petroleum hasn’t existed for nearly 30 years.

iamthemonster

Following the Deepwater Horizon / Macondo incident, Obama used the phrase "British Petroleum" consistently, despite the company having been called "BP" since the 2000 rebrand post BP Amoco. It was a deliberate, and successful, tactic that drew attention away from criticism of the federal government and regulator, who had so clearly been captured by the industry.

CalRobert

Clearly they mean BP

4gotunameagain

The only way to even attempt to thwart climate change was to make green technologies economically viable. We have gone a long way with that; but we are not there yet. This shift could very well be the last nail on the coffin.

Another victim of the extreme politicisation of issues in the US.

We couldn't have had a worse hegemon. Saddening.

kaashif

> We couldn't have had a worse hegemon. Saddening.

The other candidates for hegemon are worse IMO. The Soviet Union could have conceivably replaced the US as hegemon, and China might yet do so.

Maybe the EU would be a better hegemon, but never really had the capabilities to take on that role.

xbmcuser

Why have a hegemon better there is none as that builds competition. And in my opinion for the world China might be a better hegemon as it is interested mostly in its own population happy and not interested in making the rest of the world in it's image.

pzo

Related to this I'm surprised how expensive still Tesla Powerwall is: ~$10k for 13.5kWh. Even Segway these days sell cheaper Portable Power Station Cube that is modular and stackable (upto 5kWh but IMHO much better design and useful) for $1k for 2kWh - and segway it's still kind of premium brand.

Not sure why Tesla still qualifies for 30% Federal Tax Credit if they been operating and getting this for a decade and didn't bring price down. Some people on youtube were buying Tesla Car battery and retrofit them to have equivalent of 5x such Powerwalls for the same price. It seems ironic that they made DOGE to reduce government spending but still running this tax credit that in Powerwall situation benefits only higher income class.

All those greedy western companies doing EV cars and residential batteries IMHO deserve to be eaten by chinese competition.

CalRobert

It’s only economically viable because we don’t price externalities correctly.

It should be cheap and easy to live a bike ride away from work in a well insulated home. Instead we’ve priced things completely backwards

lynx97

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fulafel

I'd say "economically viable" is not useful pharsing. It's of course economically viable to slow down the climate catastrophe as the costs will be so vast also economically (in addition to humanly, morally, etc) and we have the policy tools to do it. But it's a collective action problem and it needs a lot of international trade coordination and govenrment regulation.

rishav_sharan

> economically viable

Or just regulation.

China and India are outperforming most of the developed nations in meeting their committed climate goals.

4gotunameagain

You cannot possibly compare the climate goals of countries with vast swaths of pre-industrial populations to western ones.

It would make more sense to compare the impact of Delhi to a US state for example.

bamboozled

"Fuck the future, we're just livin' for today's...profits"

Still installing solar on all the buildings I own.

femto

This makes perfect economic sense, without any environmental arguments.

Rooftop solar now produces 11.2% of the electricity in the Australian market [1], as it's the cheapest source of electricity. That percentage is not a peak value, but averaged across the year. On some summer days, rooftop solar is effectively powering the entire grid and is having to be throttled.

That 11.2% only includes the power that enters the market. It does not include power which houses generate and consume on-site, which does not pass through the meter, so the actual percentage is higher.

[1] https://www.solarquotes.com.au/blog/australia-solar-2024-mb3...

senectus1

Im about to invest in enough battery that even in summer i should be able to save all my solar without exporting any back to the grid. 20-30kw i think is where its at.

bamboozled

Awesome, blog about it? How much of it are you doing yourself?

I'm doing a renovation on our barn, which is almost a rebuild, I'm changing the roof design so it will be a massive solar array, directly south facing no less!

bamboozled

That's the funny part about all this "drill baby drill" talk. This isn't going to be stopping people from charging ahead with renewables and renewable investment. Really looking forward to seeing how it will play out but I feel the oil barrons are on the wrong side of history here.

The other obvious reason is air quality, apparently lung cancer is on the rise globally, nasty shit.

lifeinthevoid

Yip, I've also installed a heat pump and solar in my house, insulated well, removed my gas connection, etc. Not the most economically viable decision I guess, but it felt like the right thing to do.

bamboozled

Same here, heat pump and massive DIY cellulose fiber insulation job. Gas has been disconnected.

We quite comfortably sit in our house in our underwear with a very modest electricity bill. We're lucky because we have a stream near our heat pump unit which apparently feeds off the water vapor.

Luckily it doesn't get quite cold enough here for the stream to freeze.

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tehjoker

I guess that's the new world of politics. Just pure power, no sugar coatings anymore. Liberalism is dead. It's socialism or barbarism, no in-between that retains a livable planet.