Will be fascinating to see if BP attempts to explain how a strategy based on more fossil fuels and less renewables fits with a world on track for around 3C of warming and all that comes with it. www.theguardian.com/business/202... - ThreadSky

james-bg.bsky.social • 3 days ago

Will be fascinating to see if BP attempts to explain how a strategy based on more fossil fuels and less renewables fits with a world on track for around 3C of warming and all that comes with it.
https://www.theguardian.com/business/2025/feb/24/bp-expected-to-scrap-renewables-target-in-shift-back-to-fossil-fuels

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climatedaily1.bsky.social•3 days ago

Totally bemusing. As you say, they know what the implications are.

climatedaily1.bsky.social•3 days ago

Lurking is the activist investor, Elliott Management, looking to precipitate a cull of senior executives and/or a break-up of the company. Plus the other competitor oil majors have scaled back their investment in renewables. Safety in numbers, perhaps, protect against stranded assets?

james-bg.bsky.social•3 days ago

They are not climate deniers, they are not investing much in CCS or carbon removals, they presumably accept climate impacts will have huge costs. So what do they tell themselves when ordering more drilling?

siobhanftb.bsky.social•3 days ago

They're not looking 50 years ahead at an Earth at +3 or 4C. They're looking at the next quarter.

ianrobo.bsky.social•3 days ago

however demand will go down ?? then what they left with other than stranded assets ?

hakonnordhagen.bsky.social•3 days ago

I guess they’re experts in supressing everthing that may come in conflict with their fiduciary duty.

petewillis.bsky.social•3 days ago

"when the collapse comes my security team will stay loyal, I'm sure of it"

davidrvetter.bsky.social•3 days ago

As @rushkoff.com writes, it's very hard - perhaps impossible - for very rich people to imagine their wealth won't protect them from catastrophe. I think this is at least part of the rationale.

cityatlas.bsky.social•3 days ago

The relief valve for the wealthy is confidence that others will suffer more. 'Wealth' itself is a relative state, so if others suffer more, you are by definition 'wealthier.' Thus this graph:

https://www.sciencedirect.com/science/article/pii/S0921800914000615

Education & information don't help. It's a social contract problem.

asiegel.bsky.social•3 days ago

“Our bonuses will be good.”
1. Privatize profits, socialize costs: someone else will pay the costs
2. Our wealth will protect us
3. They are climate delayers/(self) deceivers: problem is tomorrow, profit is today
4. Someone will profit off the oil, why not us
5. Blinders wearing green eye shade

asiegel.bsky.social•3 days ago

5 (cont) green eye shade accounting considering only things easily put in financial columns

6. “The shareholders want us to focus on our knitting. Wall Street will punish us otherwise.”

james-bg.bsky.social•3 days ago

That the benefits outweigh the costs somehow? That if clean tech eats into fossil fuel demand they’ll be able to unwind their assets before they are stranded? That something will turn up? That taxpayers will pick up the bill? They they don’t want to do this, but have no choice?

doctorvive.bsky.social•3 days ago

That by the time the costs will be paid, they'll be dead.

stephenlowewatson.bsky.social•3 days ago

Do they hate their kids that much?

rowhoop.bsky.social•3 days ago

I asked this to a geologist friend at a Big Oil company. She said a version of your first answer, that oil money is needed to be part of the solution. Doesn’t make sense but that’s what she tells herself

james-bg.bsky.social•3 days ago

That line was vaguely defensible when BP and others had something akin to a transition plan, however flawed it was. I just don’t see how it works when you’re disposing of clean energy assets, doubling down on fossil fuels, and still doing so little on CCS and removals.

rowhoop.bsky.social•3 days ago

I agree! I am like you fascinated about what they tell themselves to get through the night.

thierryaaron.bsky.social•3 days ago

I'd imagine it's some version of the drug-dealers defence...

https://theconversation.com/why-the-drug-dealers-defence-doesnt-work-for-exporting-coal-its-actually-economics-101-214588

delevan.bsky.social•3 days ago

This reporting from ProPublica gives you a sense of the direction of travel. Right now it's "cheeky". "Climate change is good, actually" is going to follow the path from lib-owning troll to policy. Sooner than you can imagine.

doctorvive.bsky.social•3 days ago

This ... makes me want to ... use knives...

delevan.bsky.social•3 days ago

It’s a new world. It’s why I’m struggling w the edit. ¯\_(ツ)_/¯

delevan.bsky.social•3 days ago

Poppy sends good vibes. When the world gives you incipient global fascism, rescue a puppy.

delevan.bsky.social•3 days ago

https://www.propublica.org/article/trump-climate-change-social-cost-of-carbon-executive-order

jiltsietsma.bsky.social•3 days ago

What would an addict say?

"I just need it now."

johnranford.bsky.social•3 days ago

Does BP's flower logo have any relevance at all now?

paulmeekperth.bsky.social•3 days ago

All the procrastination of the last twenty years and now Trump is on a literal crusade against the 21stC in general, half the corporates have given up any pretence of caring

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