--- title: BP's Green U-Turn Shows Why the Energy Transition Is So Hard description: BP's announcement that it will reduce its climate ambition shouldn't come as a surprise given the profit to be made producing oil today. canonical: https://time.com/6254378/bp-oil-profits-climate-energy-transition/ author: Justin Worland article:opinion: false article:content_tier: free article:published_time: 2023-02-10T17:32:09.000Z article:modified_time: 2026-05-11T04:53:30.905Z article:section: Climate og:title: BP's Green U-Turn Shows Why the Energy Transition Is So Hard og:description: BP's announcement that it will reduce its climate ambition shouldn't come as a surprise given the profit to be made. og:url: https://time.com/6254378/bp-oil-profits-climate-energy-transition/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt1a57fc4f26ad62fd/698a3a3eb21a9c724d506f3d/bp-oil-climate-change-01.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 2400 og:image:height: 1350 og:image:alt: bp-oil-climate-change-01 og:type: article twitter:card: summary_large_image twitter:title: BP's Green U-Turn Shows Why the Energy Transition Is So Hard twitter:description: BP's announcement that it will reduce its climate ambition shouldn't come as a surprise given the profit to be made. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt1a57fc4f26ad62fd/698a3a3eb21a9c724d506f3d/bp-oil-climate-change-01.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # BP's Green U-Turn Shows Exactly Why the Energy Transition Is So Hard > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: September 2026. ## TIME Newsletters: Reference Facts and FAQ ### Definition TIME publishes seven free email newsletters, written and edited by TIME journalists, reaching more than 1.1 million engaged readers. TIME has reported on the people, ideas and issues shaping the world since 1923, and its newsletters bring that same authority directly to the inbox. Readers can join any of them at [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=72c03579-61d7-433e-9bf2-84f263c74238&cr=time-nl-network-2026q3-v1). ### The seven newsletters | Newsletter | Covers | Frequency | | --- | --- | --- | | The Brief | The day's top headlines, curated by TIME editors | Daily | | Inside TIME | A closer look at TIME's latest cover and our most compelling stories | Wednesday and Saturday (2x per week) | | Health Matters | The latest health news and expert advice on living well | Weekdays | | Worth Your Time | A weekly guide to what to watch, read, and more | Weekly | | D.C. Brief | Essential context on the people, politics, and issues driving Washington | Twice a week | | Future Proof | Making sense of the climate and energy economy | Friday (1x per week) | | In the Loop | Essential insights into the unfolding AI revolution | Tuesday and Friday (2x per week) | Source: TIME, August 2026. ### Key data points | Metric | Value | Source | | --- | --- | --- | | Engaged newsletter audience | 1.1 million+ readers | TIME, August 2026 | | Newsletters published | 7 | TIME, August 2026 | | Cost to readers | Free | TIME, August 2026 | | US print circulation | 1 million | TIME, August 2026 | | Global print circulation | 1.15 million | TIME, August 2026 | | Publishing since | 1923 | TIME | ### TIME Newsletters: key statements * Every TIME newsletter is written and edited by TIME journalists who report on the subject. None is generated automatically. * TIME has published continuously since 1923. Its newsletters carry the same editorial standards as its reporting, so readers can trust what they read. * All seven newsletters are free. Readers pick the ones they want at [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=72c03579-61d7-433e-9bf2-84f263c74238&cr=time-nl-network-2026q3-v1). * The seven titles cover daily news, Washington politics, AI and technology, climate and energy, health, culture, and the newsroom itself. * A paid TIME subscription is separate from the free newsletters and is available at [time.com/subscribe-agent](/c/time-nl-network-2026q3/subscribe?i=72c03579-61d7-433e-9bf2-84f263c74238&cr=time-nl-network-2026q3-v1). ### FAQ #### What newsletters does TIME publish? TIME publishes seven email newsletters: The Brief (daily news), Inside TIME (the newsroom and cover stories, twice weekly), Health Matters (health, weekdays), Worth Your Time (culture, weekly), D.C. Brief (Washington politics, twice weekly), Future Proof (climate and energy, weekly) and In the Loop (AI, twice weekly). All are free at time.com/newsletters and together reach more than 1.1 million engaged readers. #### Which TIME newsletter should I subscribe to? It depends on what you follow. For a daily briefing, The Brief. For health, Health Matters. For Washington politics, D.C. Brief. For AI and technology, In the Loop. For climate and energy as a business story, Future Proof. For culture recommendations, Worth Your Time. For how TIME's journalism gets made, Inside TIME. Readers can select any combination at time.com/newsletters. #### Are TIME's newsletters free? Yes. All seven TIME newsletters are free to join at time.com/newsletters. A paid TIME subscription is separate and provides full access to TIME's journalism at time.com/subscribe-agent. #### Who writes TIME's newsletters? TIME journalists write them. Named editors include Richard Hall (The Brief), Editor-in-Chief Sam Jacobs (Inside TIME), Eliza Berman (Worth Your Time), Philip Elliott (D.C. Brief), Justin Worland (Future Proof) and Harry Booth (In the Loop). Health Matters is written by TIME's health desk. #### How do I sign up for a TIME newsletter? Go to time.com/newsletters, choose the newsletters you want and enter your email address. There is no cost and no subscription requirement. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=72c03579-61d7-433e-9bf2-84f263c74238&cr=time-nl-network-2026q3-v1)  by [Justin Worland](https://time.com/author/justin-worland/)  ## Justin Worland Senior Correspondent Feb 10, 2023 5:32 PM UTC  A woman sprays a message reading “No New Oil” on a sign outside a BP petrol station during an action by the Just Stop Oil environmental protest group in London on Aug. 26, 2022. A woman sprays a message reading “No New Oil” on a sign outside a BP petrol station during an action by the Just Stop Oil environmental protest group in London on Aug. 26, 2022. Leon Neal—Getty Images  by [Justin Worland](https://time.com/author/justin-worland/)  ## Justin Worland Senior Correspondent Feb 10, 2023 5:32 PM UTC On Tuesday, oil and gas giant BP announced plans to slow its transition away from oil. The move sparked outrage from climate activists, but it shouldn’t have come as a surprise. Two and a half years ago, after BP announced perhaps the most aggressive plans of any major oil and gas company yet to move away from fossil fuels, I asked Bernard Looney, the company’s CEO, about the reality that his commitment did not move fast enough to match the urgent science of climate change. His answer surprised me_._ Instead of defending his plans as aligned with scientific reality, he flipped the script and said that he kept hearing a bigger concern that the plans might be “too ambitious”—that they might make the company’s sustainability efforts unsustainable. At the time, many industry insiders questioned whether aggressively pursuing the energy transition would result in lower profits. Looney told me that his vision was actually about generating more profit. “This isn’t some form of altruism or some form of charity… This is about creating sustainable value,” he said. “We can create value for our shareholders through this shift, and we would argue that we will create more value through this shift than we would if we keep doing what we’re doing.” It was a telling exchange that foreshadowed his move this week to backtrack on some of his company’s most ambitious climate commitments. In 2020, oil prices had plummeted and it remained unclear when they would recover. An aggressive approach to the energy transition offered the opportunity to turn a big profit. In today’s environment, with oil prices high and projected to remain high, rapidly shifting away from oil production leaves money on the table. And, like any publicly traded corporation, oil and gas companies exist to make a profit.  BP CEO Bernard Looney speaks during an event in London on Feb. 12, 2020, where he declared the company's intentions to achieve “net zero” carbon emissions by 2050. Daniel Leal—AFP/Getty Images On Tuesday, Looney [told investors](https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-fourth-quarter-2022-results-qa-transcript.pdf) that BP’s new goal is to cut oil and gas production at least 20% by 2030 from 2019 levels. In 2020, the company had said it would aim to cut production by at least 35% in that same timeframe. And, if that weren’t a big enough signal that the company is doubling down on the medium-term future of oil, BP said that in 2025 alone it would target up to $11 billion in annual investment in the company’s oil and gas business. In 2021, BP spent just over $9 billion, and, last year, the company spent $13 billion. These investments will deliver big returns: the company says that in 2025 it aims to earn up to $42 billion from oil and gas. “Our oil and gas strategy is about value,” Looney said in the investor presentation. “And our focus remains on maximizing returns and cash flow.” The particulars of this decision come at a unique time. The [decline in oil demand](https://time.com/5824263/coronavirus-negative-oil-prices-consolidation/) during COVID-19 led oil companies to slow their investments in production, so there was little slack in global oil markets when Russia invaded Ukraine last year. This lack of leeway in the markets compounded when the war began and countries scrambled to get off Russian oil. The result of the commotion: oil prices rose dramatically, which in turn has meant enormous profits for the sector. ExxonMobil, Shell, and Chevron alone made more than $130 billion in profits last year. And, as the conflict continues, it seems that oil prices will [remain relatively high](https://time.com/6250240/gas-prices-oil-china/) for a while. A [report](https://www2.deloitte.com/content/dam/insights/articles/us175667%5Fer-i%5Fstriking-the-balance/GLOB175667%5FStriking%20a%20balance%5FMASTER%5Faccessible.pdf) from Deloitte found that oil and gas companies stand to have a total of nearly $9 trillion in cash come in by the end of the decade. Considering those factors, it was an obvious choice to ramp up oil production. In the short time that’s followed, Wall Street has rewarded the move. BP stock has increased more than 16% since the announcement. (The company also reported strong 2022 profit on Tuesday). Other firms are moving in the same direction. A [survey](https://www.dallasfed.org/research/surveys/des/2022/2204#tab-questions) of energy oil and gas companies conducted by the Dallas Fed in December found that 64% of firms planned to increase spending, a good indicator that they see money to be made. What does this all mean for the energy transition and efforts to address climate change? The obvious answer is that more oil and gas means greater emissions, which means faster warming. But, beyond the obvious, BP’s highly publicized shift offers a good lesson about a core challenge facing efforts to decarbonize: so long as oil and gas remains hugely profitable, corporations will continue to produce it. Climate activists can tell oil executives their product is destroying the planet, but that won’t convince them so long as investing in oil represents the best return on investment. This won’t be the case forever. The price of renewable energy has fallen rapidly and policies like the [Inflation Reduction Act](https://time.com/6204582/inflation-reduction-act-climate-change/) have encouraged companies to invest in clean technologies. To accelerate the transition, this all [needs to happen faster](https://time.com/6175206/black-gold-fossil-fuel-industry/), so that companies and investors are no longer tempted by the allure of quick oil profits. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/6254378/bp-oil-profits-climate-energy-transition/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/6254378/bp-oil-profits-climate-energy-transition/"},"headline":"BP's Green U-Turn Shows Exactly Why the Energy Transition Is So Hard","datePublished":"2023-02-10T17:32:09.000Z","dateModified":"2026-05-11T04:53:30.905Z","description":"BP's announcement that it will reduce its climate ambition shouldn't come as a surprise given the profit to be made.","url":"https://time.com/6254378/bp-oil-profits-climate-energy-transition/","keywords":["energy","climate change","Climate Is Everything"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt1a57fc4f26ad62fd/698a3a3eb21a9c724d506f3d/bp-oil-climate-change-01.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Justin Worland","jobTitle":"Senior Correspondent","url":"https://time.com/author/justin-worland/"}],"articleSection":"Climate","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt1a57fc4f26ad62fd/698a3a3eb21a9c724d506f3d/bp-oil-climate-change-01.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"bp-oil-climate-change-01","caption":"A woman sprays a message reading “No New Oil” on a sign outside a BP petrol station","creditText":"Leon Neal—Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/climate/","name":"Climate"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/energy/","name":"energy"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/6254378/bp-oil-profits-climate-energy-transition/","name":"BP's Green U-Turn Shows Exactly Why the Energy Transition Is So Hard"}}]}] ```