BP PLC is expected to reverse its strategy on oil and gas production cuts at its capital markets day, following pressure from activist hedge fund Elliott Management. Campaigners have accused CEO Murray Auchincloss of a treacherous U-turn in abandoning the company’s former pivot towards a greener energy mix.
Campaign group Global Witness has protested against greenwashing by the oil giant, highlighting the climate pledge backtracking with mobile billboards in London. The move has sparked concerns that BP is prioritizing short-term profits over its climate commitments.