BP puts profit over a green future

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♻️ This week’s sustainability news

BP to prioritise oil and gas investments over clean energy

What’s happening: British energy company BP announced on Wednesday that it will cut back on spending for green projects and increase its oil and gas production. This decision aims to improve its declining share price but has shocked climate activists. In a statement called “Reset BP,” the company said it will reduce spending on eco-friendly businesses by $5 billion a year, bringing it down to $2 billion. Meanwhile, it plans to boost its oil and gas investments by about 20%, reaching $10 billion. CEO Murray Auchincloss stated that BP will focus on its most profitable businesses to promote growth and will be very selective with renewable energy investments. This new approach is all about an “unwavering focus on growing long-term shareholder value,” he emphasised.

Why it’s happening: The company is stepping back from its highly praised plan from five years ago, when CEO Bernard Looney aimed to reduce oil and gas production and focus more on environmentally friendly ventures. After the release of the update, Auchincloss informed investors that the company had been overly optimistic about the shift to green energy and that they moved too quickly in recent years. He also claimed that demand for oil and gas will still be “needed for decades to come.” However, he also said that renewable energy is still a big opportunity and confirmed that the company aims to reach net zero carbon emissions by 2050. This update seems to be trying to gain more support from investors because the company's share price has been struggling. Compared to other companies like Shell, ExxonMobil, and Chevron, BP's stock hasn't done as well in recent years.

Why it’s important: BP's new strategy is being criticised by environmental activists, who had started to support the company because it claimed to focus on a green future. Matilda Borgström from the climate group 350.org stated that this decision by BP shows why wealthy companies and individuals, focused on quick profits, can't be relied upon to solve the climate crisis or lead the shift to renewable energy.

📖 Read the full article: BP to slash spending on net zero ventures as it focuses on oil and gas again

The EU steps up the war on waste

What’s happening: The EU has introduced its first legally binding goals for reducing food waste among its member countries. By the end of the decade, they aim for a 30% reduction in food waste from stores, restaurants, caterers, and households. Food processors and manufacturers have a target of a 10% reduction by 2030, based on the average from 2020 to 2023. Additionally, new rules have been set for the textiles industry. Textile producers and fashion brands will now have to pay fees to support waste management, depending on how sustainable their products are. The legislation also allows for penalties on aggressive marketing tactics that push people to throw away clothes before they are worn out. These practices lead to buying too many clothes and creating too much waste.

Why it’s happening: Currently, over 59 million tonnes of food are wasted each year in the EU, costing €132 billion. The new rules for the textiles industry are part of an effort to address 'fast fashion,' where cheap, quickly discarded clothing is common. EU governments can adjust these fees based on how long-lasting the clothes are.

Why it’s important: Anti-waste campaigners were happy that the EU took action, but they wanted more ambitious goals. Theresa Mörsen from Zero Waste Europe said that 10 years ago, the EU and its countries promised to cut food waste by 50% as part of the UN Sustainable Development Goals. The group also pointed out that not enough is being done to reduce waste during food production, as about 11% of food is wasted before it even leaves the farm. Mörsen also mentioned that the efforts on textiles could be better. She hoped that countries would learn from France and the Netherlands and set clear goals to make textiles more sustainable.

📖 Read the full article: EU targets food and fast fashion in new war on waste

US organisations fear bankruptcy due to EPA cash freeze

What’s happening: Eight nonprofit organisations are facing financial difficulties due to a legal dispute over $20 billion in climate grants from the Biden administration. Since February 18, they haven't been able to access their accounts at Citibank because of an unexplained freeze linked to criticism from President Trump's administration. Starting Tuesday, these groups will run out of grant money needed for investments and essential expenses like salaries and rent.

Why it’s happening: The Trump administration is trying to take back a large amount of money from President Biden's climate and clean energy plans. This includes funds that were already legally promised and even deposited in bank accounts for people to use. A top federal prosecutor quit last week because she felt pressured by the Justice Department to start a criminal investigation into $20 billion in climate grants from the Environmental Protection Agency (EPA), even though there was no proof of any wrongdoing. This $20 billion is part of the Greenhouse Gas Reduction Fund, which aims to support clean-energy projects in low-income areas. EPA Administrator Lee Zeldin has criticized the program, saying it gives a lot of money to left-leaning groups, but the agency is being questioned about whether it can legally withhold the grant money without evidence of fraud.

Why it’s important: The nonprofits are using money from the Greenhouse Gas Reduction Fund, set up by Biden's Inflation Reduction Act, to provide loans for projects like solar panels and electric buses. However, some borrowers are delaying or rethinking their projects because they worry the nonprofits might not fulfil their loan promises. Citibank's agreement with account holders only allows it to freeze accounts for up to 48 hours. If the EPA wants to take full control of an account, which is only allowed in fraud cases, they must start a specific process. The Washington Post said on Thursday that the FBI has questioned EPA workers about the Greenhouse Gas Reduction Fund programs. However, it was also reported that acting Deputy Attorney General Emil Bove's office had trouble finding a prosecutor to ask for a warrant related to the funds. A judge in Washington, D.C., turned down one request for a warrant to seize the money, according to the Post. Some awardees believe that suing Citibank is the only way to make the bank explain why it won't release the funds. However, they have been hesitant to take legal action because they have had a good relationship with the bank before. On Wednesday, California's Democratic Attorney General, Rob Bonta, sent a letter to Citibank asking them to release the funds, according to two awardees. His office did not comment on the matter. The awardees think that other Democratic attorneys general and governors will also send letters soon.

📖 Read the full articles: Groups frozen out of $20B in EPA cash fear bankruptcy and EPA freezing green groups' bank accounts 'strikingly illegal,' prof says

😇 People doing great things

Building canopy bridges to save monkeys in the Amazon

Protecting the rich biodiversity of Brazil: In this South American country with the fourth largest road network in the world and the Amazon rainforest, about 475 million animals are hit by vehicles every year. Brazilian biologist Fernanda Abra is working to fix this problem. She is a postdoctoral fellow at the Smithsonian’s Center for Conservation and Sustainability. Abra is building bridges in the trees at the canopy level so that animals can cross roads safely. She works with local groups, including the Waimiri-Atroari people, who have deep knowledge about the wildlife in their areas in Amazonas and Roraima. Her organisation, Reconecta Project, has built over 30 canopy bridges on the BR-174 highway, which is 3,300 kilometres (2,000 miles) long and goes through the Amazon. In 2024, she won the Whitley Fund for Nature Award for her work. Abra hopes these bridges will help protect some of Brazil’s endangered animals, like the Groves’ titi, Schneider’s marmoset, and the Guiana Spider Monkey. Cameras are installed on each bridge to watch the animals that use it and those that come close but don't cross. This helps redesign the bridge to encourage more animals to use it. Reconnecting separated forest areas, divided by roads or buildings, can also help animals find more food and meet other animals.

📖 Read the full article: A conservationist is building bridges in the Amazon so monkeys can cross the road

⭐️ Weekly inspiration

Global sales of combustion-engine vehicles have peaked

Data shows the peak was in 2018: According to the International Energy Agency, with electric vehicle sales growing in comparison, while Bloomberg New Energy Finance estimates that the peak sales of combustion-engine vehicles actually occurred in 2017 based on their data analysis.

North America’s largest solar power park to be built in Canada

325 megawatt project in Alberta: The Saamis project, developed by Irish company DP Energy, is a planned solar power project on an old industrial site in the northeast of Medicine Hat, also known as Gas City because of its large natural gas reserves, and can meet peak load demand for industrial and commercial facilities and its 65,000 residents.

Nigerians have their day in London High Court against Shell

Cases started over a decade ago: The Ogale and Bille communities, with about 50,000 people living in Ogoniland, claim that oil spills in their area have severely harmed the environment, ruined local jobs, and caused health issues; the United Nations reports that at least 1.5 million tons of crude oil have been spilled in the Niger Delta since 1958.

Solar and battery storage to lead US electricity generation

Will provide about 81% of total: 63 gigawatts (GW) of new utility-scale electric-generating capacity is expected to be added to the US power grid in 2025 per the latest Preliminary Monthly Electric Generator Inventory report, an almost 30% increase from 2024, with solar making up over 50% of the increase.

Buoy converts wave motion into clean electricity

First wave energy converter deployed off the coast of Portugal: Heart specialist Dr. Stig Lundbäck, inspired by how the human heart pumps, co-founded a Swedish company called CorPower Ocean which studied water movement for years to create 'CorPack' - a large, strong, and light buoy that turns wave movement into clean electricity.

New England salt marshes store 10 million cars’ worth of carbon

And add another 15,000-worth every year: A team of scientists at the University of Massachusetts Amherst in New England published their findings in the Journal of Geophysical Research: Biogeosciences, showing that salt marshes can help offset the hardest parts of the economy to decarbonise, if they are protected in the meantime.

Atlanta finds success with e-bike rebate program

About 2% of population applied: Provided to 579 people, the aim was to help Atlantans rely less on cars, reduce travel expenses, and make owning e-bikes more affordable for more people, with recipients reporting they’re reducing car trips to school or work by about 40 percent and 74 percent are riding the e-bikes at least two days per week.

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