- The energy giant made profits of £11bn, down 50 per cent on the previous year, but will pay out £1.4bn in buybacks to shareholders
- For every £1 BP spent on low carbon investments last year, they spent £6 on enriching shareholders through buybacks
The UK's leading progressive thinktank, IPPR, has responded to the announcement that BP has made £11 billion ($13.8 billion) in profits last year and announced a new round of share buybacks, transferring £1.4 billion ($1.75 billion) to shareholders.
During 2023 BP invested 6 times more into share buybacks than renewables, transferring surplus cash to shareholders at the expense of green investments.
Joseph Evans, researcher at IPPR, said:
“BP has decided to prioritise its shareholders over investing in the green transition. With profits down on last year, you might expect BP's executives to be looking for profitable investments in the growing industries of the future, like renewable energy. Instead, they've chosen to enrich their investors.
“It's clear that BP and other fossil-fuel giants can't be trusted to drive the green transition: they will always prioritise their shareholders over the needs of the economy and the planet. What we need now is a large programme of public investment in renewables and net zero. The government could fund that investment by taxing the excessive pay-outs that BP and other energy giants are handing to their shareholders.”
Joseph Evans and Pranesh Narayanan are available for interview
NOTES TO EDITORS
- IPPR (the Institute for Public Policy Research) is an independent charity working towards a fairer, greener, and more prosperous society. We are researchers, communicators, and policy experts creating tangible progressive change, and turning bold ideas into common sense realities. Working across the UK, IPPR, IPPR North, and IPPR Scotland are deeply connected to the people of our nations and regions, and the issues our communities face. We have helped shape national conversations and progressive policy change for more than 30 years. From making the early case for the minimum wage and tackling regional inequality, to proposing a windfall tax on energy companies, IPPR's research and policy work has put forward practical solutions for the crises facing society. www.ippr.org