BP Cancels “Sustainable Jet Fuel” Project

$5 Billion Green Energy investment slashed – “Weaker-than-anticipated growth in the market”

BP stirs controversy after halting operations for new type of fuel: ‘Weaker-than-anticipated growth in the market’

What’s happening?

According to a Bloomberg News report cited by Reuters, BP paused its investment in producing sustainable aviation fuel (SAF) at the Spanish facility. The reason given was “weaker-than-anticipated growth in the market” for these cleaner alternatives.

Halting clean energy plans comes on the heels of a more strategic overhaul BP announced in February. The company revealed plans to increase its investments in oil and gas production while slashing spending on renewable energy projects by over $5 billion annually.