BP chief: Low-carbon energy is in the ‘doldrums’

By Shelby Webb | 05/08/2024 07:53 AM EDT

The company now has the opportunity to make “countercyclical” investments in clean energy, CEO Murray Auchincloss said.

BP CEO Murray Auchincloss at an oil and gas conference in Abu Dhabi.

BP CEO Murray Auchincloss. Kamran Jebreili/AP

BP CEO Murray Auchincloss said Monday that the low-carbon energy market is at a low point, providing an opportunity for the British oil major to expand its holdings in the industry.

The company is looking to potentially invest in or purchase clean energy companies while that market is relatively cool, Auchincloss said during the company’s first-quarter earnings call.

“With low-carbon energy in the doldrums, now is the time to go countercyclical,” he said. “Watch this space. We may do some more things.”


The comments come as renewable power is experiencing rapid growth. On Tuesday, the U.S. Energy Information Administration released data showing that renewables will meet most of the expected growth this year in electricity generation.