British Petroleum is making a bold move in the Gulf of Mexico, announcing a significant oil discovery at the Far South field that is set to play a crucial role in the company’s strategic overhaul. By drilling an exploration well a staggering 120 miles off the coast of Louisiana, BP’s team has uncovered promising results that suggest the presence of commercially viable oil and gas volumes. As part of its ambitious plan, BP is actively working to ramp up production in the Gulf to a whopping 400,000 barrels of oil equivalent per day by 2030, with a global target of 2.3 to 2.5 million by the end of the decade. Investors are taking notice, with the company’s shares surging 4.72% in the wake of the announcement. As the majority operator of the Far South field with a 57.5% stake, BP is shifting its focus back to oil and gas, deliberately scaling back its investments in renewable energy. The energy giant is also pushing forward with further exploration efforts, including the development of the Kaskida and Tiber oilfields, in a bid to drive growth and expansion.

Major energy companies scaling back renewable energy commitments

Several major energy companies are actively scaling back their commitments to renewable energy, citing concerns over profitability, energy security, and market dynamics. BP is leading the charge, having significantly revised its initial pledge to cut emissions by 35% by 2030, instead opting for a more modest 20-30% reduction, while also slowing its transition from oil to renewable energy sources in favor of a greater focus on fossil fuels, driven by high oil prices and intense pressure from investors. As a direct result, BP’s stock has surged, clearly reflecting the market’s preference for short-term financial gains over long-term sustainability. Meanwhile, Shell has put the brakes on its plans to increase spending on renewable energy, instead choosing to prioritize natural gas production, with its CEO openly citing the low returns on clean energy investments compared to the substantial profits generated by oil and gas. This shift in strategy aligns with a broader trend within the industry, where companies are prioritizing immediate financial performance over long-term sustainability goals. ExxonMobil is also making a significant pivot, having pulled back from its ambitious algae biofuel project to focus more on oil and gas production, capitalizing on the current high demand for fossil fuels, particularly in the aftermath of the Ukraine war, which has strengthened arguments in favor of energy security. Furthermore, the Norwegian energy giant Equinor is reportedly set to halve its investments in renewable energy over the next two years, while simultaneously boosting its oil and gas output, a move that has been widely criticized for undermining the company’s climate pledges and highlighting the ongoing tension between economic interests and environmental concerns.

Australian Senator Malcolm Roberts

Companies are prioritizing fossil fuels over renewables, driven by the profit motive, as they capitalize on skyrocketing oil prices, particularly in the aftermath of the Ukraine war, which have made fossil fuels a more lucrative option, with BP being a prime example, as it deliberately shifts its focus away from renewable energy and sees its stock prices soar. Oil companies are aggressively exploiting the current energy security landscape, ramping up fossil fuel production and framing it as a national priority, while taking advantage of the push for stable energy supplies that gained momentum post-2022, to justify their actions and gain political cover, all while putting their interests ahead of sustainable energy solutions.The high costs of renewable technology, including the expensive and highly sought-after rare earth metals needed for wind and solar energy, are actively discouraging investment in the sector, as companies consciously choose to prioritize their bottom line over sustainable energy solutions, opting for the more immediate and higher profits offered by oil, and deliberately ignoring the long-term benefits of renewable energy. The Trump administration is actively enabling companies to deprioritize renewables, with its “drill, baby, drill” stance and deliberate efforts to erase climate references from policy, which are having a direct and profound impact on the US energy landscape, allowing companies to exploit these policy shifts to justify their focus on fossil fuels, while disregarding the urgent warnings and explicit needs of the climate crisis, and putting the interests of oil companies ahead of the planet’s well-being.

Queensland, AU is ditching emission targets

In Australia, Queensland Liberal National Party (LNP) government, led by David Crisafulli, announced a review of the state’s greenhouse gas emission reduction targets, signaling a pivot from the previous Labor government’s ambitious renewable energy goals. The prior targets, enshrined in the Energy (Renewable Transformation and Jobs) Act 2024, aimed for 50% renewable energy by 2030, 70% by 2032, and 80% by 2035. While the LNP hasn’t formally repealed these targets, it has indicated they may be scaled back or abandoned, citing concerns over energy reliability and affordability. Treasurer and Energy Minister David Janetzki emphasized a “balanced approach” prioritizing economic stability, with gas and coal playing larger roles in the energy mix to ensure grid reliability.  The LNP has confirmed plans to extend the life of state-owned coal-fired power stations, notably Callide B, which was slated to close in 2028 but will now operate at least until 2030 or 2031. Other coal plants, like Tarong, are also under consideration for life extensions, with refurbishments planned to maintain their output. This move reverses earlier commitments to phase out coal by 2035, as outlined in the Queensland Energy and Jobs Plan under former Premier Annastacia Palaszczuk. The government argues that coal and gas are necessary to avoid blackouts and stabilize prices, especially given cost blowouts in projects like the Copperstring transmission line and the Pioneer-Burdekin pumped hydro scheme, which the LNP has scrapped in favor of smaller hydro projects.

Wind energy is not renewable or environmentally friendly

Renewable energy initiatives were poised to devastate around 71,000 hectares of Queensland’s remaining forests, with the installation of wind turbines being a primary culprit. The relentless pursuit of net zero has been leading to the destruction of the natural environment, driven by corporate greed. Shocking footage has emerged of a discarded wind farm in Queensland, Australia, laying bare the harsh reality. Despite the propaganda disseminated by climate activists and the trillion-dollar renewable energy industry, wind turbines are, in fact, not renewable or environmentally friendly. These massive structures not only mar the landscape while in operation, but they also kill and injure hundreds of thousands of bats and birds annually. Furthermore, once their relatively short lifespan of 15-20 years expires, wind turbines cannot be recycled and are instead abandoned in nature or dumped in landfills, perpetuating a cycle of destruction.

Written By Tatenda Belle Panashe