That criticism certainly has a lot of merit in the context of a business world that is firmly on the way to a cleaner, greener energy future because the economics of such a future make sense. The actual business world in which BP and all other companies are operating, however, is different from that vision.

In it, the economics of the energy transition, as envisioned by its advocates and proponents, do not always make sense—which is why BP and other companies are abandoning their initial ambitious targets made, one might say, in the heat of the moment, following years of activist pressure that was warmly embraced by politicians in decision-making positions.