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BP Pivots On Climate Promises

Oil Price · last updated

BP has just announced that it will be revising its emissions targets in order to produce more oil and gas to meet global demand.

The British energy giant previously aimed to cut emissions by 35-40% by 2030, but now it is targeting a 20-30% decrease.

BP has also recorded bumper profits which have been met with criticism, reigniting calls for tougher windfall taxes.

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State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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