Last week, British Petroleum announced that it was slashing more than $5 billion in planned green energy investments. It was a marked departure from the early 2000s, when the oil giant branded itself as “beyond petroleum,” and even 2020, when the company targeted a 20-fold increase in its renewables portfolio.

“Today, we have fundamentally reset BP’s strategy,” said BP’s CEO, Murray Auchincloss, as part of the most recent announcement. “This is a reset BP, with an unwavering focus on growing long-term shareholder value.”

BP isn’t the only oil giant rolling back its climate commitments. Shell and Norway’s state-controlled Equinor have also made similar moves recently. But, while the news has caught headlines, experts say that the moves will have little impact on the larger renewables industry — and that, from a climate perspective, the companies’ proposed increase in fossil fuel production is much more alarming. 

“I don’t see the watering down […]