Why BP's £4bn cut to net-zero spending does not mean they should be ostracised
The world needs help from fossil fuel giants if it is to reach net zero by 2050
Oil giant BP’s decision to cut spending on its net-zero transition businesses by nearly £4 billion a year, while significantly increasing its investment in fossil fuels, is a worrying one, given the average global temperature for the month of January was 1.7 degrees Celsius above the pre-industrial norm.
However, the reaction from some environmentalists – that this proved such companies would not be part of the solution to the climate crisis – was entirely misguided.
The world now has just 25 years if it is to reach net zero by 2050, as advised by the scientific community. Achieving this goal in such a short space of time will require all hands to the pump, and the oil industry’s wealth and expertise will be vital in making this happen. Ostracizing such a key player would be an act of extreme folly.
The task for governments is to use a mix of carrot and stick to prod companies like BP in the right direction. Playing a blame game and holding grudges will only damage efforts to build the grand coalition required to see off what is humanity’s greatest-ever threat.
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