BP has pledged to invest "first and foremost in oil and gas" as it pursues new projects in the Middle East and lobbies for climate subsidies, according to a Reuters report.
What's happening?
The British oil giant appears to be abandoning a climate pledge it set in 2020 in a ploy to regain investor confidence. Reuters reported the company already is considering new projects in Iraq along with oil fields in Kuwait.
BP joined forces with ExxonMobil and Equinor in 2023, successfully lobbying the U.K. government for £22 billion (more than $28 billion) in subsidies for carbon capture technology, as reported by the Guardian.
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Still, BP says it intends to reach net zero by 2050, according to Reuters. However, when it comes to its pledge to cut output by 40% by 2030, in practice the company "has already abandoned it," sources told the news agency.
Why is BP's climate backtracking concerning?
The burning of natural gas and oil is a major source of air pollution that can lead to health issues like heart attacks, respiratory disorders, stroke, and asthma, according to the Harvard T.H. Chan School of Public Health. Complications from breathing in these pollutants can also lead to absenteeism at school and work, as well as early death.
Plus, these two dirty energy sources — along with coal — are responsible for more than 75% of all planet-warming pollution, according to the United Nations. As our Earth warms, experts believe we will face even more health challenges without mitigation solutions, from an increase in heat-related illnesses to shortages of drinking water.
Amid these concerns, BP is one of several oil and gas titans backtracking on their climate plans. For instance, Shell recently dialed back on its pollution-reduction pledge. According to international advocacy group Follow This, these big oil companies have the ability to "make or break" the success of the 2015 Paris Climate Agreement, which aims to keep global heating below 1.5 degrees Celsius (2.7 degrees Fahrenheit).
What's being done about a warming world?
Some organizations are working to hold Big Oil accountable for its pollution. Meanwhile, governments across the globe are implementing plans to reduce their reliance on dirty energy. For instance, Los Angeles outlawed gas power in all newly constructed buildings, and Tokyo will soon require most new buildings to have solar panels.
You can help by voting pro-climate at the polls. You can also change how you get around to move away from dirty energy. Try walking, biking, or using public transit instead of driving, or invest in an electric vehicle. Upgrading your home to clean energy sources can also make an impact.
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