BP Shuts Down Low-Carbon Team in Blow to Red Ed’s Green Dream – Guido Fawkes

BP Shuts Down Low-Carbon Team in Blow to Red Ed’s Green Dream

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BP has officially pulled the plug on its low-carbon mobility team, signalling the latest retreat from the costly green energy fantasy. CEO Murray Auchincloss said it was “commercially unviable” to keep pumping resources into electric, hydrogen, and other so-called “low-emission” vehicle technologies. In February BP scrapped it’s five-year-old plan to become a major renewable energy player and slashed its green energy budget by 70%. Red Ed’s green dream is getting the cold shoulder…

Trump has frozen funding for Biden-era green projects, while the EU is starting to water down its ambitious green regulations. Analysts point to high interest rates, inflation, and more urgent political issues – like wars and security threats – as the reason behind green stock plummeting last month. Meanwhile, the OBR predicts net zero taxes on energy bills will rise by 60% as the cost of subsidising renewable energy is expected to hit £20 billion by 2030. It ain’t cheap being green…