BP announces plans to boost green energy spending, cut oil and gas production

first_imgBP announces plans to boost green energy spending, cut oil and gas production FacebookTwitterLinkedInEmailPrint分享CNN:BP is planning to slash oil and gas production and pour billions of dollars into clean energy as part of a major strategic overhaul unveiled on Tuesday, alongside a huge second quarter loss and dividend cut.The London-based company said that it plans a 10-fold increase in annual low carbon investments to $5 billion by 2030 as it tries to deliver on its promise of net zero emissions by 2050 and prepares for a world that uses much less oil. BP shares rose as much as 8% in London.The company expects demand for fossil fuels to fall by 75% over the next 30 years if the increase in global temperatures is limited to 1.5 degrees Celsius, or by 50% if warming is less than 2 degrees, BP head of strategy Giulia Chierchia told investors. BP said its oil and gas production will fall by at least one million barrels a day by 2030, a 40% reduction on 2019 levels. The bulk of its annual capital expenditure over the next five years will, however, still be in oil and gas.“We believe that what we are setting out today offers a compelling and attractive long-term proposition for all investors,” CEO Bernard Looney said in a statement.BP’s plan to pivot away from oil after a century of exploration will involve major investments into bioenergy, hydrogen and carbon capture and storage. It is also targeting 70,000 electric vehicle charging points, up from 7,500 at present. At the same time, BP will reduce its oil and gas refining portfolio and aims to raise $25 billion by selling assets over the next five years.BP reported a loss of $16.8 billion for the second quarter, as it wrote down the value of certain assets, including untapped oil and gas reserves, because of reduced forecasts for the price of oil.[Hanna Ziady]More: BP will slash oil production by 40% and pour billions into green energylast_img read more

What to do if you still haven’t gotten your federal economic stimulus check

first_imgDES MOINES  — Some Iowans still haven’t gotten their pandemic stimulus checks from Uncle Sam. If you’re among them, an official from the Internal Revenue Service says you might need to contribute a little information.Christopher Miller, the IRS spokesman for Iowa, says there’s a short form to fill out on the agency’s website that will ensure you get your check for up to $1200.  “Put in some simple information, even if you don’t make enough to require you to file, or you have non-taxable income,” Miller says, “simply fill out a federal income tax return.”Miller says there’s a tool on irs.gov  that will speed up the process if you’re still looking for that stimulus check.  “Not only will the information allow us to make sure that you’re eligible for the payment but it allows us to get it to you as quickly as possible,” he says.Just like when getting a refund from your federal tax return, Miller says the quickest way to get that stimulus check is through an electronic funds transfer, unless you want the actual paper check. “Give us your direct deposit information, your bank account information,” Miller says, “otherwise, the IRS will mail your payment to the address that you provide.”While direct deposit is faster, the IRS says it will be mailing out as many as five-million paper checks each week.last_img read more