Fossil fuels becoming ‘socially challenged’, says BP boss

Posted: August 9, 2020 by oldbrew in climate, Energy, opinion
Tags: , ,

The greenblob marches on, regardless of the real climate. Message to BP boss: water vapour is by far the major so-called greenhouse gas, carbon dioxide is a minor sidekick. Ergo you are merely playing games.
– – –
The chief executive of BP says he understands why people view the industry as “bad” and that fossil fuels are becoming the subject of social challenge, reports Aol.

Bernard Looney, who took on the role at the oil and gas giant in February, said the industry had “a challenge… with trust” but BP was determined to be a net zero carbon company by 2050.

This week, BP said it would cut the amount of oil and gas it produces by 40% by the end of the decade and Mr Looney said the business will increase the amount it invests in low-carbon projects tenfold by 2030 to around five billion US dollars (£3.8 billion) a year.

The move gained him unusual praise from environmental group Greenpeace, which called it a “necessary and encouraging start”.

There’s a view that this is a bad industry, and I understand that’

Bernard Looney, BP

Full report here.

  1. Paul R says:

    A clear case of nominative determinism.

  2. NeilC says:

    His surname sums BP up.

  3. gds44 says:

    Reblogged this on Gds44's Blog.

  4. oldbrew says:

    The Looney surname has its origins on the Isle of Man, an island which lies in the sea between Ireland, Scotland and England. Looney is an ancient Manx surname and it comes from MacGillowney, the Manx form of the early Gaelic name MacGiolla Dhomhnaigh, “the son of Giolla Dhomhnaigh”.

  5. BoyfromTottenham says:

    Oldbrew – thanks for that. As the old legal joke goes I am now much better informed, but none the wiser!

  6. Phoenix44 says:

    Honestly, the boss of a company that provides stuff that does so much good in so many ways is unwilling to stand up for his products? The shareholders really should fire him. BP heats homes, allows us to travel all over the world cheaply and safely, to cook cleanly and cheaply, produce safe, sterile and cheap petrochemical products, light and heat hospitals and schools, power ambulances, etc. etc.

    Why be defensive about all that? Fossil fuel companies should be proud if what they do.

  7. saighdear says:

    Aye, indeed- Pause for thought on a Monday morning, if nothing else for the week ahead:’well informed, but non the wiser’ is BP now a Paradox? ….. and as for what’s in a name? BP, RBS
    & others….. reading between the lines …., and them taking us to be idiots? Not a great start to the week – can I wake up and start again? I noticed last night that Solar & Wind haven’t been delivering much in this heat, at all.

  8. oldbrew says:

    Where are the adequate replacements for oil and gas? Hydrogen has to be manufactured, nuclear is unpopular, wind and solar are too puny and erratic. Carbon capture is too expensive and energy-hungry, unlikely to work anyway, and pointless. Biomass destroys forests and is CO2-intensive.

    BP plays the PR game to try and keep the greenblob off its back as much as possible.

    Assessing BP’s New Goals
    by Bloomberg | Thursday, August 06, 2020

    “BP’s biggest risk is that they’ll have to target mergers and acquisitions aggressively in order to reach their renewables targets,” said Christyan Malek, JPMorgan Chase & Co.’s head of EMEA oil and gas.

  9. markesommer says:

    I grew up respecting the British for their accomplishments in technology. It is amazing that as I retire I come to realize their institutions are in collapse. Even BP is capitulating to the CO2 religion nonsense. God help the Queen.

  10. Charles says:

    Environmentalist genuflecting: Billions of pounds all for naught.

  11. oldbrew says:

    markesommer – a third of BP’s business is in the US.

    Worldwide revenue: US$282.62 billion (2019)

    the business will increase the amount it invests in low-carbon projects tenfold by 2030 to around five billion US dollars — a drop in the bucket to BP.

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