Examine the reactions from stakeholders

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Reference no: EM134045491

Facts : In 2020, the British oil group BP pledged to decarbonize its portfolio, cutting oil and gas production by 40% from 2019 levels by 2030 and channeling billions of dollars into wind and solar projects. In February 2023, the company stunned observers by retreating from these lofty goals, promising shareholders it would invest heavily into oil and gas projects and recalibrating its oil and gas reduction goal from 40% to 25% by the end of the decade. The move will increase investment in the production of fossil fuels for the rest of the decade by about $1bn a year beyond previous plans. This decision came shortly after the company in line with its competitors reported record annual profits: $27.7bn for 2022, almost double the adjusted profit of 2021. Scientists, however say the world needs to cut greenhouse gas emissions by around 45% by 2030 to have any hope of meeting the targets in the 2015 Paris Agreement climate change treaty. The goal will require the reduction or even elimination of emissions from fossil-fuels.

Question

Examine the reactions from stakeholders, including industry peers, regulators, international bodies. Sources from recent news article are advised.

Reference no: EM134045491

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