Despite the push towards fossil fuels, some shareholders are advocating for a vote on any plans to abandon BP's renewable commitments.

This decision, made public on February 26, 2025, comes in response to investor pressure regarding declining profits and share prices compared to competitors.

In light of this shift, public protests are being organized against BP's actions, with activists warning of the dangers associated with continued reliance on fossil fuels.

BP's underperformance relative to competitors has sparked speculation about the potential for a share listing move to New York or becoming a target for acquisition.

Auchincloss acknowledged that while BP intends to achieve net-zero emissions by 2050, oil and gas will remain essential for decades to come.

BP has announced a significant shift in its investment strategy, opting to cut funding for renewable energy projects and instead focus on increasing oil and gas production.

Critics have pointed out that BP's strategy contradicts global efforts to adhere to the Paris Agreement's goal of limiting warming to 1.5 degrees Celsius.

CEO Murray Auchincloss emphasized that the new strategy aims to enhance shareholder returns and cash flow by reallocating capital to higher-return projects.

The company faces mounting pressure from activist investors, including Elliott Management, which holds a 5% stake and has called for a focus on boosting share prices.

Oxfam's climate justice advisor condemned BP's decision, highlighting its disproportionate impact on impoverished communities and the abandonment of climate targets for profit.

Environmental organizations have criticized BP's decision, arguing that fossil fuel companies cannot effectively contribute to solving the climate crisis.

Analysts warn that BP's increased reliance on fossil fuels could lead to long-term financial risks, as climate change may render oil and gas reserves economically unviable.