BP PLC has unveiled the most aggressive plans yet by a major oil company to pivot toward cleaner energy. But the revamp has so far failed to ignite enthusiasm among investors despite growing interest in renewables. No other major oil company has targeted such a steep decline in their main source of profit. “Our new strategy is going to transform BP into a very different company, not overnight…but fast,” new Chief Executive Bernard Looney told investors this month at an event detailing the plans. Meanwhile, BP forecast booming growth for renewable power.

Source: Wall Street Journal September 29, 2020 18:00 UTC