Energy giant BP scaled back its climate goals as company profits soared to new heights last year.
The British company said Tuesday it would reduce carbon emissions in oil and gas production 20-30% by 2030, compared with a 2019 baseline. BP had aimed for a 35-40% emissions reduction.
The lowered target was tucked into the company's quarterly earnings report Tuesday, when BP reported 2022 profits of $27.7 billion -- more than twice that of 2021. Oil prices soared last year after Russia's invasion of Ukraine, upending energy markets.
BP pledged to target "short-cycle fast-payback opportunities" in oil and gas with $8 billion in spending, alongside another $8 billion for "energy transition growth engines."
The company also announced plans to send more money to investors, increasing its dividend by 10% and adding $2.75 billion in stock buybacks.
"It's clearer than ever after the past three years that the world wants and needs energy that is secure and affordable as well as lower carbon -- all three together, what's known as the energy trilemma," BP CEO Bernard Looney said in a news release. "To tackle that, action is needed to accelerate the transition. And -- at the same time -- action is needed to make sure that the transition is orderly, so that affordable energy keeps flowing where it's needed today."