Activist investor urges BP to discard renewables - report

Hedge fund Bluebell Capital Partners has urged British oil and gas major BP Plc (LON:BP) to stop any further investments in renewables and focus on its core oil and gas business, describing its planned transitioning away from fossil fuels as misguided, Bloomberg reports.

The London-based hedge fund has called upon BP to reduce cumulative investment in bioenergy, hydrogen, and renewables and power by USD 28 billion (EUR 25.8bn) through 2030, according to a letter sent to BP’s chairman and seen by Bloomberg, with Bluebell’s position reiterated in another communication from last week.

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The activist investment firm reportedly slams BP’s push to support the global objective of having net zero carbon emissions by 2050, considering it to be increasingly unrealistic.

BP aims at 50 GW of renewables by 2030 under a low-carbon plan presented in 2020.

(USD 1 = EUR 0.924)