BP spends ‘low carbon’ money on finding and using fossil fuels
The oil giant BP has used money from a “low carbon transition” fund to buy shares in companies developing new ways to find and use fossil fuels, Unearthed can reveal.
Because BP’s investments in these firms are private, full data is not available.
But the available data shows that where it was the only investor, BP spent $95m on shares in companies which help find, extract or use fossil fuels.
As a sole investor, the oil giant put just $31.3m into companies which seek to reduce the use of fossil fuels and $13.9m into firms with no impact on the climate either way.
Unearthed found that BP has had some involvement in funding rounds worth $382.9m for companies which do seek to mitigate the impacts of climate change. Meanwhile, it had been a co-investor in companies contributing to climate change for funds worth $41.7m and for $42.8m in those with no impact either way.
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