BP Says Pandemic Saw It Double Down on Pivot to Low Carbon Energy -- CERAWeek Market Talk
DOW JONES & COMPANY, INC. 11:19 AM ET 3/1/2021
1118 ET - The pandemic saw BP pursue its pivot to low carbon energy with extra vigor, says Chief Executive Bernard Looney. Speaking at CERAWeek Looney says, "Instead of putting this reinvention on hold we sort of doubled down and I think we're better positioned today for what's ahead than we otherwise would have been." The pandemic was declared around the same time that BP announced plans to reduce its dependence on fossil fuels. The company decided to "really embrace that energy transition more as a massive opportunity and not look at it as some sort of threat to our business and we leaned in, we rolled out a new strategy, we entered offshore wind in the United States and now in the UK, we grew in solar, we developed new partnerships," Looney says. (sarah.mcfarlane@wsj.com)
