Beyond Petroleum? Not anymore. These two oil giants plan to stay oil giants, with emphasis on oil

[marmar]

from Grist:


Chevron and BP are pulling out of wind and solar
By John Upton


Beyond Petroleum? More like Bake the Planet.

BP and Chevron, two of the corporations that are doing the most to toast the climate, bleat at us in costly advertisements about their meager efforts to harness renewable energy. But now even their modest renewables programs are being quietly dismantled.

“Renewable energy is vital to our planet,” Chevron helpfully reminded us in one of its insincere “We Agree” ads. “At Chevron, we’re investing millions in solar and biofuel technologies.” (Millions! From a company that made $21.4 billion in profits last year.) Beyond the marketing hype, here’s an injection of reality from Bloomberg’s Businessweek:

In January, employees of Chevron’s renewable power group, whose mission was to launch large, profitable clean-energy projects, dined at San Francisco’s trendy Sens restaurant as managers applauded them for nearly doubling their projected profit in 2013, the group’s first full year of operations. But the mood quickly turned somber. Despite the financial results and the team’s role in helping launch more than a half-dozen solar and geothermal projects capable of powering at least 65,000 homes, managers told the group that funding for the effort would dry up and encouraged staffers to find jobs elsewhere, say four people who attended the dinner. …

“When you have a very successful and profitable core oil and gas business, it can be quite difficult to justify investing in renewables,” says Robert Redlinger, who ran a previous effort at Chevron to develop large renewable-energy projects before he left in 2010. “It requires significant commitment at the most senior levels of management. I didn’t perceive that kind of commitment from Chevron during my time with the firm.”

But it’s not like Chevron is acting as a renegade in an otherwise responsible industry. .....................(more)

The complete piece is at: http://grist.org/news/chevron-and-bp-are-pulling-out-of-wind-and-solar/

[GeorgeGist]

1. Dumber than dinosaurs.

[xchrom]

2. du rec.

[warrior1]

3. climate change will kill off humans,

the planet will survive us.

We don't deserve this beautiful planet.

[2naSalit]

4. K&R

[CatholicEdHead]

5. I guess the C-Suite decided it was not worth the PR anymore

It was a small sum they put up, used for PR purposes, someone decided that it is cheaper not to invest in that PR anymore and put that money somewhere else (C-Suite's pockets).