BP Backtrack

For a time, so-called Environmental, Social and Governance (ESG) standards were all the rage. ESG standards were cited as providing evidence for whether responsible investment in a company was ethical. Pension funds and others cited them. British Petroleum (BP) once 'bigged up' its new environmental focus. This was after being involved in a major pollution event. The company claimed it would reduce its emissions by 40%. Somewhat later, when big profits were to be made as a result of Russia's attack on Ukraine, BP slashed its pledge to 25%. This petrochemical giant now plans to forget any of its promised curbs on fossil fuel production. It has major new investments in the Middle East and the Gulf of Mexico (https://www.theguardian.com/business/2024/oct/13/very-concerning-bp-dilutes-net-zero-targets-as-global-retreat-from-green-standards-gathers-pace). The retreat from green standards is gathering pace. Did anyone ever believe that fossil fuel companies, worried about anything other than their profits? The 'greenwash' cycle appears to be over.