David Vance SubstackRead More
The thing about the “Green Renewable energy” fantasy is that reality keeps getting in the way of it and that is manifest in this news!
BP is expected to ditch a target to ramp up renewable energy generation by 2030 as part of a shift back towards fossil fuels when it presents its strategy to investors this week.
Let’s hope Energy Kommissar Ed Miliband was sitting down when he read that!
The chief executive, Murray Auchincloss, is poised to tell shareholders that the oil and gas company is scrapping its target to increase renewable generation 20-fold between 2019 and 2030 to 50 gigawatts.
At an investor day in London today, the company is likely to announce plans to divest assets and cut other low-carbon investments to reduce debt and increase returns, under mounting pressure from shareholders.
This is a reality check for BP and it is worth remembering that the PREVIOUS Chief Executive the appropriately named Bernard Looney had presented a comprehensive strategy update in 2020 that aimed for a 40% reduction in oil and gas output by 2030 but changed this to a 25% reduction in 2023, and is expected to reduce it further today.
We are deluged by Green Energy propaganda 24/7 but in the cold hard light of day, companies like BP cannot virtue signal and expect to meet market and share holder expectation.
When Labour came to power in summer 2020, voters were promised a £300 a year saving in energy costs. This, we were told, would be delivered by the creation of the Great British Energy entity and would be based on the vague renewable energy investment.
The annual cost in July 2020 for a typical household was £1568. From April of this year, that will be £1,849 per year. That’s an increase of £281! So the OPPOSITE has happened and the rather odd boss of Great British Energy has made it abundantly clear that his “investment vehicle” will not be reducing prices by so much as a penny
History will record that the ‘Green Renewables” was an environmentalist delusion that was indulged for far too long before being dismissed.
Drill baby drill!
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