BP doesn’t want to be an oil company any more (Emily Gosden writes). Last week it announced plans to transform itself into an “integrated energy company” over the next decade by investing billions in building wind and solar farms and letting its oil and gas output decline.
It’s about time, too. The world cannot continue burning oil and gas at present rates if the worst extremes of dangerous climate change are to be avoided; sooner or later, oil majors’ traditional business models must become obsolete. For reasons of self-preservation, both corporate and global, BP needs to change.
In February, Bernard Looney, the new chief executive, made a bold start by pledging to eliminate the carbon footprint of the oil and gas that the company
