The calls from Labour’s shadow climate secretary, Ed Miliband, and others for a “proper” windfall tax on BP and its brethren after the oil supermajor revealed a near-doubling of its profits are the least of chief executive Bernard Looney’s worries. A more powerful influence is the company’s own shareholders, who have clearly demanded a rethink on previous pledges to slash hydrocarbon output by 40% this decade.
Three years ago, when he was fresh in the job, Looney sounded as if he’d made up his mind. “Today is about a vision, a direction of travel,” he declared to an audience of investors and industry analysts. “The direction is set. We are heading to net zero. There is no turning back.”
