BP has been accused of pouring billions and billions more into fossil fuels and prioritizing them over green energy. BP has plans to spend as much as double the amount on oil and gas projects for 2023 than on renewable investments.
The energy company has earmarked up to $7.5 billion for oil and gas projects. That is compared with a range of $3 billion to $5 billion for green energy.
The firm is being criticized for not moving faster into renewable energy. Experts and advocates are saying that it is clear where BP’s priorities lie, as where you spend your month says a lot about those priorities.
The criticism for BP is piling up, with energy experts and climate change experts saying that it is “astounding” that in the middle of a climate emergency, BP is planning to invest billions more in fossil fuels rather than in clean energy.
It has been a massively lucrative year for BP. The company has raked in profits this year after a rise in wholesale gas prices, fueled by Russia’s invasion of Ukraine.
In August, BP announced a 14-year high profit of about $8.5 billion for the second quarter of this year. In the previous eight days, the company paid about $700,000 to Facebook and Instagram for influence ads that reached tens of millions of viewers in the UK.
The influence ads, which also emphasize BP’s contributions to UK energy security, began two days after Labour proposed a windfall tax on North Sea oil and gas in January.
The company has declared that investment in upstream oil and refining must pay back in less than 10 years, while gas projects must pay back within 15 years.
Oil and gas majors are planning so many vast projects, however, that they threaten to shatter the 1.5 C climate goal to avoid a complete climate catastrophe.
BP has poured money into greenwashing techniques, spending roughing $100,000 on social media influence ads in the UK alone that champion the company’s investments in green energy earlier this year.
Experts say despite the greenwashing coming from fossil fuel giants, it is clear that the companies remain intent on making as much money from oil and gas as possible, no matter the consequences or collateral damage.