Strategy pleases some of firm’s critics

BP’s new strategy appeared to win over some of the company’s most staunch critics.

Mark van Baal, of activist shareholder group FollowThis, said BP had become the first oil major to “walk the walk” after pledging to let its oil and gas production fall by twofifths by 2030.

Mr van Baal, whose group puts pressure on oil firms to decarbonise, said BP was showing a sense of “urgency”, unlike its peers, who were “just offering ambitions for 2050”.

However, he did take issue with BP’s vow not to explore for oil and gas in countries where it did not already have a presence.

Mr van Baal said BP had operations in many countries and that “all exploration must cease” if Paris climate goals are to be reached.

Greenpeace, which has disrupted BP annual general meetings and offshore projects in recent times, also seemed mollified by the strategy update.

The protest group said BP had “woken up” to the immediate need to cut carbon emissions this decade.

Mel Evans, senior climate campaigner for Greenpeace UK, said: “Slashing oil and gas production and investing in renewable energy is what Shell and the rest of the oil industry needs to do for the world to stand a chance of meeting our global climate targets.”