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In the climate protection scene, the latest balance sheet of the British oil company BP had triggered outrage: the multinational had announced more investments in renewable energies as well as additional spending on oil and gas production. BP has scaled back its CO₂ savings targets for 2030.
Things are getting serious for BP boss Bernard Looney: Last week, two of Britain's largest pension funds and shareholders announced that they would vote against the re-election of the CEO if he didn't do a more convincing job of protecting the climate. In an interview with WELT, BP's chief economist, Spencer Dale, explains why the group believes that new investments in the production of fossil fuels are still compatible with the climate goals - and are even necessary for the orderly process of the energy transition.
WORLD: Mr. Dale, the International Energy Agency IEA had already determined in 2021 that there should be no new investments in oil and gas production if global warming is not to exceed 1.5 Celsius. Why doesn't BP comply?
