Climate-focused investors irked by BP’s pivot back to oil

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LONDON, Feb 10 (Reuters) – Some climate-focused investors in BP (BP.L) voiced concern this week about the company’s announcement that it has scaled back climate targets and now plans to produce more oil and gas for longer, yet the company’s share price continued to surge on Friday.

Chief Executive Bernard Looney’s strategy revision on Tuesday included a cut to BP’s 2030 emissions reduction target. Three years ago, he took the helm with a vow to re-invent the oil and gas company.

Bruce Duguid, head of stewardship at Federated Hermes, which co-leads negotiations with BP over its energy transition on behalf of a large group of institutional investors called Climate Action 100+, voiced concern over Looney’s pivot.

“In the context of a very strong financial outcome, those investors with net-zero goals, including many of our clients, will be concerned at such a material change to BP’s 2030 absolute emissions reduction target,” Duguid said in a statement to Reuters.

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