Oil giant are arrive to terms with their impending doomsday . That ’s especially true these days for BP , the London - based transnational fossil fuel corporation most ill-famed for causing theDeepwater Horizon petroleum spillin 2010 . The society announced Monday it ’s save down up to $ 17.5 billion on its assets in the second tail due to thecoronaviruspandemic and its long - term projected impingement on global oil prices .
BP is strain to make unnecessary its ass bylaying off 10,000 workers . Even after that move , the company is still preparing to be worth a lot less . That ’s because it expect oil prices to ride out low in tenner to number . Why ? Well , permit ’s allow BP to explain .
“ bp ’s management also has a growing expectation that the aftermath of the pandemic will accelerate the footstep of passage to a low - carbon economy and energy system , as nation seek to ‘ make back better ’ so that their economic system will be more resilient in the futurity , ” the company ( which yes , is trying to make “ bp ” happen ) wrote in astatement .
Bye, Felicia.Photo: Getty
https://gizmodo.com/shell-ok-we-may-actually-be-fucked-this-time-1843200534
They ai n’t lying . The European Union is prioritizing a green economical recovery . That ’s not necessarily the case just yet for places like China or the U.S. , but a dirty recoverycould prove disastrousfor climate endeavour . That ’s whyexpertsand even theUnited Nationsare calling on governments to prehend this chance to transition toward low - carbon economies .
The pandemic rocked the vegetable oil manufacture that was already see decline profits . We ’ve seen crude oil price hitan all - time low , companies struggle to find storage spacefor their unsold oil , andpublic demand diminish . Many people are still appease home base , and few are hop on a planer anytime before long . With no need to fuel machine or planes , oil companies ’ winnings are taking a hit . BP is just the latest oil major to acknowledge thetransformation get hold of place .
BP ’s CEO Bernard Looney enounce the recent decisions “ will well enable us to compete through the vim changeover , ” but the caller is in spades is going about it in all the untimely ways so far . Laying off G of workers breaks all the normal around a just transition , which should prioritize doer protections so that the working - stratum does n’t behave the economical burden of abandoned fossil oil and gaseous state . Sure , the multi - billion dollar company offered workers a falling out package that included a laptop and aid job - seeking , but that ’s not enough . These doer merit to play a key role in the budding immature industry that ’ll transubstantiate our man , such as job in vigour efficiency or clean energy .
A organisation that back up fogy fuel worker does n’t yet survive , but the responsibility lands on world government activity and companies like BP working together to protect them and , at last , the thriftiness . After all , hundreds of 1000 thrown into unemployment does n’t on the nose improve the economic situation .
What ’s more , the company has n’t pass on a well-defined sign that it ’ll really reduce fossil oil and gaseous state exploration and drilling despite its ambition to achieve net - zero emissions . That would seem to be the most obvious stone’s throw toward reaching its destination . BP has a chronicle of greenwashing and is currently besued for mistaken advertisingaround its mood claims , so excuse me for not taking it seriously . But hey , at least the saving is in conclusion catching up with the planet ’s effective sake .
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