BP plc, one of the first majors committed to reducing oil and natural gas production in the transition to net-zero carbon, has reversed course to ensure global energy security.

Leading producers

The goal to cut fossil fuels output to net-zero carbon by 2050 remains in place. However, Russia’s invasion of Ukraine and other global events have reduced the climate targets slightly.

“We need continuing near-term investment into today’s energy system, which depends on oil and gas, to meet today’s demands and to make sure the transition is an orderly one,” CEO Bernard Looney said. “We will prioritize projects where we can deliver quickly, at low cost, using our existing infrastructure, allowing us to minimize additional emissions and maximize both value and our contribution to energy...