One activist investor is taking on BP, urging the oil giant to scale back green pledges
Activist investor Bluebell Capital Partners is pushing for BP to urgently change tack, saying it is “highly debatable” whether the oil major’s strategy of reducing fossil fuel investments in favor of clean energy has any chance of succeeding.
Giuseppe Bivona, partner and co-chief investment officer at Bluebell, on Tuesday said that the FTSE 100 energy company’s depressed share price relative to its U.S. and European peers had been “totally underwhelming” in recent years, and that it should now consider deploying capital in a “rational way.”
“This was as a result of a strategy which was intended to blindly shrink BP’s core business in oil and gas and venture in other business in clean energy where, quite frankly, it is highly debatable whether BP has any chance to succeed,” Bivona told CNBC’s “Squawk Box Europe.”
“The path to get to net zero by 2050 is very narrow, which means it is very unlikely that we are going to be at net zero in 2050. Don’t get me wrong, I’m very happy that we all — not just the oil major companies — as part of society aim toward this goal,” he added.
“But I think it is very rational for a company to make as its base case a scenario which, actually is very, very unlikely to happen. And on that front, we are not asking BP to renege on its strategy, but to adapt its strategy to the reality.”
His comments come shortly after it was revealed Bluebell co-founders Bivone and Marco Taricco wrote a letter to BP chair Helge Lund and then-interim CEO Murray Auchincloss in October. Auchincloss has since been appointed as permanent CEO of the British oil and gas major.
Bluebell’s letter, which was first reported on by the Financial Times on Monday, said that BP’s investment strategy assumed a “drastic decline in oil and gas demand, which we consider to be utterly unrealistic.”
In response to the publication of the letter, a spokesperson for BP said the company “welcomes constructive engagement” with its shareholders.
A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom.
John Keeble | Getty Images News | Getty Images
“We have met with most of our major shareholders recently and continue to receive support for our strategy. We continue to make significant progress, remain focused on delivery, and are confident the strategy will grow the value of bp and deliver sustainable long-term value for shareholders,” BP said.
Bivona declined to disclose Bluebell’s stake in BP, saying that it was below a reporting threshold. The relatively small but influential London-based firm, which focuses on large cap European equities, has previously mounted campaigns against French food company Danone and mining giant Glencore.
‘Clear admission’ of a strategic mistake
Under the leadership of Bernard Looney, who resigned in September after less than four years on the job, the oil major had promised that its overall emissions would be 35% to 40% lower by the end of the decade.
The firm, which was one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner,” watered down these climate plans last year.
It said on Feb. 7 that the firm would instead target a 20% to 30% cut, noting that it needed to keep investing in oil and gas to meet demand.
Bluebell’s Bivona said last year’s announcement was a “clear admission” of a strategic mistake and another adjustment was now needed.
“I’m very glad for the discussion we are having with BP, which anyway is listening and is proving to be a company willing to constructively engage with all of their shareholders,” Bivona said.
Shares of BP were slightly higher on Tuesday afternoon in London. The company is scheduled to release its fourth-quarter and full-year 2023 results on Feb. 6.
Wisconsin is getting another boost in DC fast charging thanks to $14 million in recovered federal grants for 26 sites statewide. The funding comes through the National Electric Vehicle Infrastructure (NEVI) program, part of President Joe Biden’s Bipartisan Infrastructure Law.
The award follows a legal battle earlier this year, when Governor Tony Evers (D-WI) joined other states in a lawsuit to force the Trump Administration to release over $60 million that Wisconsin was owed from the NEVI Formula Program. A federal judge blocked the Trump administration’s illegal attempt to obstruct the NEVI program in June, clearing the way for planned NEVI EV charging projects to continue.
This round of sites fills in EV charging station coverage gaps following the initial awards announced in May 2024. Round one granted $22.4 million for 52 projects; 11 of those chargers are already online, and another 16 have been cleared for construction.
Across both award rounds, the Wisconsin Department of Transportation (WisDOT) has now allocated more than $36.4 million toward 78 total projects. The first NEVI-backed fast charging stations opened earlier this year at Kwik Trip stores in Ashland, Menomonie, and Chippewa Falls.
The 26 new charging stations will be built along Wisconsin’s Alternative Fuel Corridor and sited at convenience stores, restaurants, hotels, grocery stores, and other travel stops. They’ll service the more than 37,000 EV drivers registered in the state, as well as road‑trippers and visitors, and will have a minimum of 150 kW per port.
Round two awardees include Tesla, Kwik Trip, and Universal EV. A full list of the 26 fast charging locations can be found here.
If you’re looking to replace your old HVAC equipment, it’s always a good idea to get quotes from a few installers. To make sure you’re finding a trusted, reliable HVAC installer near you that offers competitive pricing on heat pumps, check out EnergySage. EnergySage is a free service that makes it easy for you to get a heat pump. They have pre-vetted heat pump installers competing for your business, ensuring you get high quality solutions. Plus, it’s free to use!
Your personalized heat pump quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. – *ad
FTC: We use income earning auto affiliate links. More.
Tesla reported three more crashes involving its Robotaxis in Austin, Texas – now bringing the total to 7 incidents despite low mileage and in-car supervisors preventing more accidents.
Since the launch of the ‘Robotaxi’ service in Austin, Texas, where Tesla moved the supervisor from the driver’s seat to the passenger seat, it now has to report crashes to NHTSA.
In the first month of operation in July, Tesla reported three crashes with its Robotaxi service.
The automaker reported one more Robotaxi crash last month, and this one was interesting because it coincided with Tesla announcing that the Robotaxi fleet had traveled 250,000 miles from its launch in late June to early November.
It revealed Tesla’s current Robotaxi crash rate, which is about 2x higher than Waymo’s, despite in-car supervisors that prevent an unknown number of crashes.
Now, Tesla has reported to NHTSA three more incidents that happened with the Robotaxi fleet in Austin in September:
| Report ID | Incident Date | Incident Time (24:00) | City State | Crash With | Highest Injury | Severity | Alleged SV | Pre-Crash Movement | CP Pre-Crash Movement | Narrative |
| 13781-1178 | 7 SEP-2025 | 13:08 | Austin TX | Animal | No Injured | Reported | Stopped | NM Crossing Roadway | [REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION] | |
| 13781-1178 | 6 SEP-2025 | 03:43 | Austin TX | Non-Motorist: Cyclist | Property Damage. | No Injured | Reported | Stopped | Moving Alongside Roadway | [REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION] |
| 13781-1178 | 4 SEP-2025 | 20:42 | Austin TX | Passenger Car | Property Damage. | No Injured | Reported | Proceeding Straight | Backing | [REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION] |
| 13781-1168 | 7 SEP-2025 | 01:25 | Austin TX | Other Fixed Object | Property Damage. | No Injured | Reported | Making Left Turn | NaN | [REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION] |
| 13781-1150 | 7 JUL-2025 | 03:45 | Austin TX | SUV | Property Damage. | No Injured | Reported | Stopped | Proceeding Straight | [REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION] |
| 13781-1145 | 9 JUL-2025 | 12:20 | Austin TX | Other Fixed Object | Minor | W/O Hospit | alization | Other, see Narrative | NaN | [REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION] |
| 13781-1137 | 5 JUL-2025 | 15:15 | Austin TX | SUV | Property Damage. | No Injured | Reported | Making Right Turn | Making Right Turn | [REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION] |
Unlike other companies reporting to NHTSA, Tesla abuses the right to redact data reported through the system. The automaker redacts the “narrative” for each reported crash, preventing the public from knowing how the crashes happened and who is responsible.
Based on the limited information in Tesla’s reports, we know that one of the new crashes involved a Robotaxi driving into a car backing up, another involved a cyclist, and the last one involved an unknown animal.
Electrek’s Take
My favorite thing about reporting on those is the messages from Tesla fans who say: You don’t know how many of those Robotaxi are responsible for?
It’s funny because I agree, but whose fault is that? Tesla could do like every other company and report the narratives.
Waymo does, and it’s clear that it isn’t responsible for many of the crashes they are involved in. I am sure that’s the case with some of those Tesla Robotaxi crashes.
However, Waymo has hundreds of millions of rider-only autonomous miles, and Tesla has a few hundred thousand, all with a supervisor on board, a finger on a killswitch, ready to prevent further crashes. Who knows how many more crashes Tesla would have had without them?
I expect a few because humans generally have a crash, whether they are at fault or not, every 700,000 miles. Tesla has 7 in probably ~300,000 miles, which should be worrying to anyone, whether the Robotaxis were responsible or not.
FTC: We use income earning auto affiliate links. More.
Hyundai is bringing “something big” to the LA Auto Show this week, and the teaser points to a slick new off-road electric SUV. Here’s our first look.
What is this off-road Hyundai SUV?
The LA Auto Show is just days away, and Hyundai is gearing up to steal the spotlight once again. Last year, it was the IONIQ 9, Hyundai’s first three-row electric SUV. What will it be this year?
Hyundai gave us a sneak peek of a new “extreme off-road show vehicle,” the Crater Concept, ahead of its upcoming debut.
Although details are still pretty slim at this point, the sketch shows a high-riding, rugged SUV, clearly designed for off-roading with massive tires and aggressive wheel arches.
Hyundai didn’t say what powertrain the off-road SUV will use, but given the closed-off grille and no visible tailpipes, all signs point to it being electric in some way. It could be a battery-electric (EV) or even a fuel-cell-electric vehicle (FCEV).
The Crater Concept looks a bit like the new Nexo, Hyundai’s dedicated hydrogen fuel cell vehicle. The updated Nexo introduces Hyundai’s new “Art of Steel” design language, which was first shown on the Concept THREE electric hot hatch in September.
Hyundai said the design theme “combines resilience with artistic form,” which exudes strength and sophistication.
The dour dot lamps on the Crater Concept look about the same as Hyundai’s new “HTWO” lamps, exclusive to its FCEVs.
Hyundai said the Crater Concept has been “crafted to amplify the same spirit and robustness found in Hyundai’s XRT production vehicles,” like the IONIQ 5 XRT, Santa Cruz XRT, and new Pallisade XRT Pro.
The design team at Hyundai Design North America also introduced its new design and ideation studio on Monday, codenamed “The Sandbox” internally.
Hyundai’s new creative hub is exclusively dedicated to creating new outdoor adventure vehicles and rugged Xtreme Rugged Terrain (XRT) gear.
Will the Nexo be next? It sure looks like it. Hyundai will reveal the Crater Concept during a livestream press conference at the LA Auto Show on November 20 at 9:45 am PT. Check back for updates.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024