Record profits for BP but off track on environmental targets

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BP’s record profits come after Shell also announced record profits of £32.2bn

London, Thanasis Gavos

A profit amounting to 23 billion pounds or 27.7 billion dollars recorded? as for 2022 the British energy giant BP.

That’s more than double 2021’s gain, despite a partial drop in oil and gas costs in the last quarter of the year.

However, the company has revealed that it will miss out on one of its critical environmental targets.

Specifically, the emission of pollutants from oil and natural gas production will be reduced between 20% and 30% by 2030 compared to 2019, against a reduction target of 35% to 40%.

According to BP, the higher-than-target emissions are due to the effort to increase production to meet global demand.

The announcement has been criticized by environmental groups such as Greenpeace, who are calling for intervention by the British government.

On the other hand, the company announced increased investments totaling 13.2 billion pounds for energy transition and energy security programs.

BP’s record profits come after Shell also announced record profits of £32.2bn.

The announcements renewed a demand by Britain’s main opposition Labor Party for higher taxation of energy company profits amid a crisis of precision and high inflation.

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