From NOT A LOT OF PEOPLE KNOW THAT
By Paul Homewood
h/t Doug Brodie
For too long activist green investors have been the tail wagging the dog.
Hopefully this is the start of a fightback:
Almost all of BP’s biggest shareholders are unhappy with its shift to green energy, an activist investor has claimed, amid a growing backlash over the oil giant’s focus on net zero targets.
Giuseppe Bivona, chief investment officer of Bluebell Capital, which has a minority stake in BP, said he had spent the past three weeks talking to many of the company’s top 30 investors.
He said: “With only the exception of one shareholder, I am still to find someone who supports BP in its entirety.”
Bluebell is spearheading a brewing investor revolt after sending a 30-page letter to the FTSE 100 company in January.
In the letter it urged BP to halt investment in renewable energy schemes, prioritise oil and gas production, and rewrite net zero targets to clarify that they will be achieved “in line with society”.
BP has been under increasing pressure over net zero commitments that have allegedly left shareholders £40bn poorer.
Mr Bivona said he plans to share negative feedback with BP on a no-name basis, which he said will “clearly expose them to the fact that many investors are sympathetic to what we are saying”.
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The noises in the undergrowth are steadily growing. CNN Business today:
Saudi Aramco: Energy transition failing, world should abandon phasing out oil
https://www.cnbc.com/2024/03/18/saudi-aramco-ceo-says-energy-transition-is-failing-give-up-fantasy-of-phasing-out-oil.html?__source=iosappshare%7Ccom.apple.UIKit.activity.
What happened to that pesky fiduciary duty thing?
We have to wait for it: “that pesky fiduciary duty” is from the Directors to the shareholders. At the next shareholders meeting vote the Directors out, or don’t and accept that BP has gone off the rails to never never land.
“”For too long activist green investors have been the tail wagging the dog.””
Meanwhile at the training camp famous for its traitors….
“”University of Cambridge to refuse funding from fossil fuel companiesThe institution had accepted £19.7 million from oil giants BP and Shell between 2016 and 2023 in philanthropic and research funding””
https://www.telegraph.co.uk/news/2024/03/18/cambridge-university-refuse-funding-fossil-fuel-companies/
Ouch
I was hardly a big investor, but I got out of BP stock when they announced the Net Zero goals. Oil and gas companies should focus on what they know best, and that isn’t renewables.
Is there ANYONE that knows best about renewables?
As far as I can tell, the profitable renewable energy companies are the ones that show a particular expertise in lobbying for special carve outs.
Yep renewables are only profitable as subsidy farms
The people that “know best” about renewables are those who wouldn’t ‘invest’ a nickel in them, because they know better.
Only heaps of taxpayer funded government mandates, subsidies and tax credits create any “veneer” of the notion that “renewables” are something worthy of “investing” in.
At least Warren Buffet is honest about it. He said the only reason it makes sense to build ‘wind farms’ is because of the government tax credits he can use to reduce the taxable income from other Berkshire businesses.
Thereby exposing the reality of ‘renewables’ as nothing more than a wealth transfer scheme to make the wealthy (and politically connected) more wealthy at taxpayer expense.
30 or more years ago watching PBS in the US I noticed some of the early anti-FF shows were sponsored by some FF companies.
I never understood that.
(Here’s a knife. Now move it to you’re throat. The next thing to do is …)
They spend so much money on stopping renewables from happening, and now they get desperate as it didn’t work out.
Climate-Science Deniers, Right-Wing Think Tanks, and Fossil Fuel Shills Are Plotting Against the Clean Energy Transition
https://www.desmog.com/2024/03/16/climate-denial-marc-morano-droz-wind-energy-whale-deaths-solar/
Pure La Jolla conspiracy theories.
“”They spend so much money on stopping renewables from happening””
In the U.K. we’ve thrown billions at wind and solar. Such a waste of time and money. The are wholly unreliable
“So much”??? You mean all that money plowed into higher energy bills? Damned deniers, if only they’d stop buying energy!
🤣 😂🤣
“desmog”
🤣 🤣 🤣
Good one
I never knew you actually had a sense of humour
No kidding. Smog was mostly eliminated decades go with electronic ignition. They need a new schtick for their deep ecology (worldview) BS.
Renewables are already dying as governments run out of money to pay the subsidies.
You misspelled nuclear 🙂
Oh dear.. solar companies collapsing, wind companies going belly-up.
Get it all from COAL-FIRED China.
You have never bothered dealing with reality.
Can’t you spell Nucular??
True, it’s a joke anyway 😀
And so was that 😉😉
Perhaps you should read WUWT posts before revealing your wishful thinking.
https://wattsupwiththat.com/2024/03/17/swedish-wind-farms-facing-bankruptcy/
Governments that can fabricate currency on their central bank computers will never run out of money. Inflation (too many dollars chasing too few goods) is always and everywhere a monetary phenomenon … and big government could not care less about the hoi polloi.
You clearly missed this: https://wattsupwiththat.com/2024/03/17/swedish-wind-farms-facing-bankruptcy/
You still believe Ruinables are working out?
Have you been to the real world outside wuwt in the last three years?
Even the iea had finally to acknowledge the massive rise of renewables.
They are promoting it. They are net zero zealots.
Read the boss of Saudi Aramco in the first comment. In the world outside of the comfortable net zero obsessed Western economies there are other views and priorities.
Oil guy says we shouldn’t reduce oil usage. I’m shocked, never would have expected that!
Of course there is vested interest, but when the largest producer openly speaks out against the West’s obsession with Net Zero by 2050 it shows that outside that bubble there are other views that the proponents of net zero would be stupid to ignore.
No vested interests in the junk links you post, is there Luser. !
And the Green energy CEO’s of Solyndra say we should expend the use of Solar.
(A reminder. The Obama donors/CEOs of Solyndra did not bankrupt when Solyndra went under. Taxpayers were left holding the bag.)
But it’s ok for a greenie to recommend greenie tech.
So, please tell us, how you would build your new ruinables world, without oil? This should be good.
Idiots pimping worse-than-useless ‘renewables’ saying we should waste more resources building more worse-than-useless ‘renewables.’
Never would have expected THAT.
Rise in wind and solar has been LESS than the rise in coal and gas.
Wind and solar are still a virtue-seeking irritant/parasite on electricity supply systems.
You have never been in the real world.. just stuck in your little “renewable” propaganda fantasy.
Global energy use chart .. see below..
Grab a magnifying glass so you can see wind and solar !
What massive rise? Going from 1% to 2% maybe a 100% increase, but the only ones impressed by it are those too stupid to tie their own shoes.
I live in “the real world”.
For a couple of years now the local branch of my bank has had a EV recharge station.
I’ve NEVER seen a car recharging there.
Past time to switch to a Credit Union.
… the “massive rise in renewables” following an even more massive rise in government subsidies and retailcost of energy.
Renewables, like battery EVs are doomed to failure.
Insufficient materials to replace fully functional ICE with BEV. 2.2 billion gas and diesel powered…
Cars
Trucks
Busses
Semis
Taxis
Not to mention
Trains
Planes
Ships
Stopping oil and gas drilling and extraction means that all 2.2B need to be replaced by electric equivalent. All those EVs need batteries.
1100 lb batteries for cars
1800 lb batteries for trucks
3300 – 6000 lb batteries for busses
10,000 – 14,000lb batteries for Semis
Globally 2.2 billion vehicles would need to be replaced if oil is left in the ground
Not to mention Trains Planes and Ships which can’t be electrified and still travel 10-12,000 miles.without recharging.
Trains???Maybe trolleys are electric.
All the battery materials (Lithium) needed to build out (replace) 2.2B vehicles plus create all the necessary Battery Storage to bolster the intermittent whims of Wind and Solar on all global grids. Then replace them every 20 years. The world will reach peak Lithium long before transportation and energy is 100% electrified, pet alone replaced in 20 years.
Yeah, never seen an electric train in my life.
Running on 30% renewables and counting.
Lithium is 90% recyclable.
Solar and wind have a lifespan of at least 30 years, with newer wind turbines maybe going reaching 50 years.
“Solar and wind have a lifespan of at least 30 years”
WOW.. totally DELUSIONAL
Most turbines will need replacing in less than 15 years
Solar panels will degrade a lot over the same period, particularly in dry-sandy landscapes.
Then they will be just left to rot, because the subsidies won’t be there anymore.
Lithium batteries take a LOT of energy and technology to re-cycle..
Most will end up in fire-prone land fill.
Train is running on 70% Fossil fuel, at least…
… and during still nights.. 100% FOSSIL FUEL.
Every part of the train was manufactured using FOSSIL FUELS.
In fact… You cannot manufacture anything, without using FOSSIL FUELS.
Approximately 20% of UK installed capacity is solar. From which in the 12-month period July 23, it provided just 4% of demand. And during the winter, it didn’t even provide that pathetic amount. Yeah, real good investment.
Solar is lasting 15 years at best before it needs replacing and a fair percentage of wind has also broken down in the same timeframe. Wind is only designed for 20 years of functionality before it’s abandoned.
Then there is the nasty issue of toxicity and land fills as wind turbine blades and solar panels don’t get recycled. And often, when wind farms are decommissioned, the HUGE concrete foundations are abandoned in ground.
The cost of electrification of all non-electrified rail lines is staggering.
And wouldn’t change the fact that most of the power they use would still be generated by COAL, OIL AND GAS.
But you just keep wallowing in your delusions.
Well, we all know, that the IEA, is more political than technical/engineering. And their acknowledgement does not confer logic or common sense.
Even you will have to acknowledge the massive rise in the cost of electricity. Coincidence?
More evidence that Renwables are on the way out:
https://wattsupwiththat.com/2024/03/20/aussie-renewable-investment-slumped-80-in-2023/
DeSmog… roflmao…
You are delving deep into the sludge at the bottom of the sewer now, Luser !!
That lie will never cease to be useful, will it?
They aren’t spending a single penny on stopping renewables. They don’t have to, renewables are stopping themselves.
News flash…
They don’t need to
Clean energy is it’s own worst enemy.
Doomed to implode for a lack of producing anything useful except subsidy magnets
The notion of a “transition” is pure eco-loon wet dream fantasy.
They have literally spent TRILLIONS over I believe it was 20 years to build up “renewables” and by the waste of all that treasure got the share of energy from fossil fuels reduced from 82% to 81%.
You might as well puke into a hurricane force wind and expect to stay clean and dry.
😂 🤣 😅 😆
Virtue signaling can only buy you so much time as the fossil fuel companies are finding out.We’re approaching the time of “shit or get off the pot” for oil companies. They are either in the business to make money or satisfy the green weenies. You can’t do both and straddling the line time has been pushed to the maximum by the Greens. The only choice they have if they wish to continue existence is to call out the alarmists. Otherwise they are dead in the water and they know it.
Yes, if you choose to walk along a barbed-wire fence with one leg either side, you can’t complain about how uncomfortable the trip was.
“When I was young, and had no sense, I caught my b*lls on a barbed wire fence” 😄
Without a doubt the consulting firms having contracts with hydrocarbon corporations have been suggesting that maintaining some foothold in the renewable scene could be an advantage if somehow the scheme becomes profitable. This is probably also the case with auto manufacturers that are fearful of being left behind in the stampede to EVs.
Obviously the future is looking bleaker, or at least not as lucrative, as it was some months ago. The continued operation since the 1980s of the Tehachapi Pass Wind Farm in California gives the next generation encouragement so there might always be some forms of renewable energy planned, if not developed. The important thing is to eliminate public money from the process.
Really?? I guarantee you NOT ONE of those 1980s turbines is operational.
Try driving by and seeing this “farm” in person.
I drove through Tehachapi in the 1990s and almost none of them were working THEN.
Funny thing is it appears that you got that picture from Wiki on the same page that has this picture:
Which shows all the new massive bird killers dwarfing the old ones shown in that picture.
The picture I posted shows the old ones sideways or otherwise not functioning.
Now is Bigoilbob’s time to explain WHO is going to decommission the old solar and wind systems when no longer functional. Apparently us taxpayers. Even in insano Cali, they are not making the developer remove old towers.
Look at all the scarring of the pristine desert for the gods of Gia saving wind:
I’m guessing the smaller ones with apparently missing blades are the older, nonfunctional ones?
What an UGLY, Pock Marked Mess!
Hard to see why Enviro-Mentalists aren’t up in arms about the ecological destruction
They are:
https://theecologist.org/2013/dec/31/who-will-pay-costs-fracking-revolution
That’s one of the big differences between fossil fuels and renewable energy. The fossil fuel producers post bonds that guarantee these sites will be cleaned up when they are no longer producing, Renewables just leave a mess for the taxpayers to clean up.
The second big difference is that everyone benefits from fossil fuels. The only people who benefit from renewables are those who build them, and the politicians who fund them.
Sure?
https://cleantechnica.com/2021/09/25/lying-cheating-oil-gas-companies-stick-taxpayers-with-cleanup-bill/
cleantechnica are KNOWN LIARS and MISINFORMERS.
They are DEEP in the pocket of the lying, thieving, subsidy gouging, wind and solar scammers.
Talk about conflict of interest!!
Conflict of interest is not a climate activist’s concern. It’s destroying Western civilization.
“ in the stampede to EVs”…. I don’t hear the sound of thundering herds yet.
I heard the auto industry got run over by ICE cars as they were waiting, ear to the ground, to hear the approach of the non-existent “stampede to EVs.”
😂 🤣 😅 😆 😄
The CEO who started the BP green push three years ago last name is Looney. Apt.
Sounds like he’s gonna have a shareholder revolt on his hands soon.
IMO both BP and Shell became to politically correct decades ago to be a good investment.
too politically correct…
With any luck, Rud.
Looney was fired for hanky panky.
More good news.
We need more people to say Net Zero is madness, catastrophic anthropogenic global warming is a fiction. The green movement that we know today has damn little to do with the environment and climate. It is purely a political power grab by democrat, liberal, progressive, socialist.
marxist miscreants.
Educate the common guy, show him how badly he is being lied to, cheated and robbed and all of this will go away.
But I was assured that “BP” stood for ‘Beyond Petroleum‘ (previous company ad campaign) … /s
I heard their new campaign will be titled “Bring Back Petroleum.“
That the wheels are coming off of the AGW renewables grift wagon gladdens my heart. May it all die a speedy death and be dust soon. So many unemployable climate activists may soon overload the fast food joints worldwide. Burger flippers one and all.
BUT with the ever increasing minimum wage, soon everything is a fast food joint will be automated and then there will be no jobs for them.
Not to worry, those grifter activists will easily live off government handouts with occasional extra cash from astroturfing from the leftists and democrat party.
Most of the jobs in fast food ARE automated these days – I hadn’t been into a UK McDonalds in years, probably over a decade, and it took me a while to acclimatise. Nobody takes your order, it’s all done using touch screens and credit card payments, then the one person doing all the cooking shoves it at you without a word. It’s definitely become a place where misanthropes can eat (and be employed).
In the US many more people are moving from the north of the country to the south of the country than from the south to the north of the country, now that the southern part of the country has become urbanized.
If energy companies are going to invest in renewables or any alternate technology, they’d better do their homework beforehand to make certain that these new gimmicks actually produce returns equal to or better than what they were before. Never mind taking these green stances just to appear progressive and environmentally concerned when it’s someone else’s money that’s being used to do so. It’s bad enough that too many governments are wasting tax dollars on such stunts already with few positive results to show for their efforts. Just look at how much in subsidies has been poured into wind and solar projects over the past three decades and what limited inroads they’ve made in replacing fossil fuels as a percentage of the global energy supply. Those figures alone should have made BP back off on their investments rather than having shareholders take a beating first.
“If energy companies are going to invest in renewables or any alternate technology, they’d better do their homework beforehand”
Not required in business nowadays.
Energy companies ‘investing in ‘renewables’ are not energy companies, since’ renewables’ produce no useful energy to speak of.
Simple. Get rid of your Woke Board and management and get a proper executive team to do your bidding. If an employee mentions Net Zero then ack them. There is big money to be made doing the opposite of Net Zero Clowns.
Ack em? Like this?
CEO’s website front pages are just embarrassing in their slavish greenery. His predictive graphs are ludicrous esp the Net Zero one. You have to mine in deep to get the energy figures which can’t be woked
Thank you for your input Stephen-
Hertz CEO Stephen Scherr resigns after EV push goes bust (msn.com)
They’re like battery mobile phones and they’re not worth much used silly-
Why I won’t sell pre-owned electric vehicles | Newstalk (youtube.com)
Particularly if the Gummint forces us to warranty them.
BP executive management has a long track record of poor decisions. Their latest blunders are buying into renewable energy poppycock and selling their high quality oil&gas assets at historically low prices. BPs big green and gold sphincter logo should be a clue.
Under their eco boot licking management, maybe “BP” should be redefined as “Begone, Profits.”