BP unveiled an important strategy update earlier this month. It wasn’t a complete overhaul – the journey from IOC to IEC continues, and BP remains committed to net zero by 2050. But, with this update, leadership plotted a new route to getting there. BP will still look very different come 2030 – just not quite as different as previously envisaged. BP is going longer in oil and gas – and carbon – than previously advertised. Investment in renewables and power, while still important, has been pared back. And more capital will be allocated to BP’s other transition growth themes – convenience, EV charging, bioenergy and hydrogen.