BP’s Looney holding his nerve over energy transition plan

BP CEO Bernard Looney says he will not further scale back his energy transition strategy after ceding some ground earlier this year, despite investors penalizing the group over its plan to break away from rivals in cutting oil and gas output. Taking office in February 2020 with a vow to reinvent the 114-year-old company, Looney laid out ambitious plans for the British energy giant to achieve zero net emissions by 2050, and to invest billions in renewable and low-carbon power.