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BP‘s chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced on Wednesday to tackle investor concerns over earnings, two sources told Reuters. BP’s shares have underperformed rivals in recent years and the oil major has already dropped its target to cut oil and gas output by 2030, Reuters reported in October. On Wednesday, when BP holds a capital markets day, CEO Murray Auchincloss will tell investors the company is abandoning its target to grow renewable generation capacity 20-fold between 2019 and 2030 to 50 gigawatts, two sources close to the matter said. The plan to drop the target has not been previously reported. BP declined to comment. Its earnings reports show the company has 8.2 GW of renewable generation capacity, and that for 2019, BP’s net wind generation capacity reached 926 megawatts. It did not give a figure on total renewable capacity for that year. The sources said BP will also ditch a target to reach core earnings (EBITDA) of $49 billion this year and instead set an annual percentage growth target, the sources said. They declined to be named because they were not authorised to speak publicly on the strategy change. While BP has said in a call with analysts it could drop the targets, it has yet to formally announce any decision. BP failed to reach its 2024 EBITDA target of 40.9 billion. The company will also make public plans to divest assets and cut other low-carbon investments to reduce debt and boost returns, the sources said. The capital markets day was originally scheduled for February 11 in New York, but was changed to to Wednesday in London because Auchincloss had to undergo a medical procedure. Sector-wide shift Across the energy sector, major companies that shifted their portfolios in response to the need to lower carbon emissions and curb climate change have returned the focus to oil and gas, where returns have become easier as fossil fuel prices have rebounded from pandemic lows. The investor environment has also been transformed by the re-election of U.S. President Donald Trump, a climate sceptic and advocate of fossil fuels. Pressure has become intense on BP after activist investor Elliott Investment Management built up a nearly 5% stake. Elliott, known for pushing changes at companies such as Honeywell and Southwest Airlines, is demanding an overhaul, including tighter cost discipline at BP. A separate source familiar with the matter told Reuters Elliott wanted BP to scale down its green energy spending and sell assets such as wind and solar. BP would also benefit from selling its Castrol lubricants and its network of service stations to unlock value and boost share buybacks, added the source, who also asked not to be named. Under Auchincloss predecessor, Bernard Looney, BP pledged in 2020 to cut oil and gas output by 40% while rapidly growing renewables by 2030. BP lowered the reduction target to 25% in 2023. Since taking office, Auchincloss has slowed investments in renewables and announced plans to cut costs and reduce staff by 5%. BP could on Wednesday announce cuts to its annual low-carbon capex by $2-$3 billion, analysts at Bank of America said. BP’s 2024 capital spending was $16.24 billion. Arunima Kumar and Anousha Sakoui, Reuters
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E-Commerce
I had a bit of a harsh reality check today, and felt like its important to share with whoever is listening, model and actress Hunter Schafer said in an eight-minute video posted on TikTok last week. Speaking in a rare direct-to-camera clip, the Euphoria actress held up her new passport and reflected on what it said about trans rights under the Trump administration. Schafer explained that the gender marker on her passport had been changed, a direct consequence of President Donald Trumps January 20 executive order. The order declared that the United States would “recognize two sexes, male and female,” and “these sexes are not changeable.” It added that documents like passports and visas must “accurately reflect the holders sex.” Schafer also referenced the State Department’s Bureau of Consular Affairs policy under Trump’s executive order, which states, in part: “We will no longer issue U.S. passports or Consular Reports of Birth Abroad (CRBAs) with an X marker. We will only issue passports with an M or F sex marker that match the customer’s biological sex at birth.” “My initial reaction to this, because our president is a lot of talk, was like, ‘I’ll believe it when I see it,’ and today, I saw it on my new passport,” Schafer said in the video, which has already been viewed over one million times. Schafer had her gender listed as female on official documents since updating her drivers license as a teenager. But after her passport was stolen while filming in Barcelona, she applied for a routine replacementonly to find that the new document listed her gender as male. “I’m not making this post to fearmonger or to create drama or receive consolation, Schafer continued. I don’t need it, but I do think it’s worth posting to sort of note the reality of the situation and that it is actually happening.” She said the new passport marker would not change anything about her identity. “I don’t go give a f— that they put an M on my passport. It doesn’t change really anything about me or my transness. However, it does make life a little harder,” she said. Next week, shell be using the passport for the first time and added that she anticipates having to out herself to Border Patrol agents and officials. “I just want to say trans people are beautiful,” she said. “We are never going to stop existing. I’m never gonna stop being trans. A letter and a passport can’t change that.”
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E-Commerce
In 2024, Amazon introduced its AI-powered HR assistant, which helps managers with performance reviews and workforce planning. Similarly, Tesla deployed AI personas to assist in real-time production monitoring and supply chain optimization. These advancements showcase how AI personas are becoming essential in business operations, streamlining processes, and enhancing decision-making. As artificial intelligence evolves, we’re witnessing two interrelated phenomena shaping our future: AI personas and agentic AI. These developments bring both opportunities and challenges. Understanding AI Personas AI personas are collections of digital elements that combine to form hybrid characters with defined traits and priorities that interact with users in sophisticated ways. They range from professional advisors to creative collaborators and emotional support systems. Their ability to adapt interactions based on user needs makes them powerful tools for organizations. AI personas can be understood through three key dimensions: Function: The specific role and tasks the persona will perform Epistemic perspective: The knowledge base and information sources the persona draws upon Relationship type: The mode of interaction that best serves the intended purpose AI personas maintain consistent personality traits while evolving through interactions. For instance, an AI persona might serve as a strategic planning partner in a business context, accumulating knowledge about the organization’s goals and culture over time. The Emergence of Agentic AI Agentic AI refers to systems with increasing autonomy and decision-making capability. Unlike traditional AI that processes inputs and generates outputs, agentic AI can initiate actions and pursue objectives independently within defined parameters. The intersection of AI personas and agentic AI creates new collaboration possibilities. Consider these examples: Supply Chain Management: Tesla’s AI system doesn’t just process inventory datait autonomously adjusts production schedules, initiates parts orders, and redirects shipments based on real-time demand and disruption predictions. The system can decide to expedite certain components or switch suppliers without human intervention, though within predefined parameters. Financial Trading: Modern trading algorithms don’t simply execute preset rules. They actively monitor market conditions, news feeds, and social media sentiment, making independent decisions to open, adjust, or close positions. JPMorgan’s AI trading system, for instance, can autonomously modify its strategies based on changing market conditions. Network Security: Darktrace’s Enterprise Immune System doesn’t wait for security teams to identify threats. It learns normal network behavior and autonomously takes action to counter potential attacks, such as quarantining suspicious devices or blocking unusual data transfers. These systems showcase how AI can not only respond to requests but proactively identify opportunities, suggest improvements, and take initiative within defined parameters. Challenges and Considerations However, this evolution presents challenges: Authenticity and Trust: As AI personas become more sophisticated, maintaining transparency is critical. Organizations must establish clear guidelines on AI capabilities and limitations. Emotional Engagement: Humans naturally form emotional connections with AI personas, which can enhance interactions but also raise ethical concerns about dependency and manipulation. Autonomy Boundaries: Setting clear limits on what decisions AI personas can make independently versus requiring human oversight is essential. Managing the Future To harness these technologies effectively, organizations should focus on: Purposeful Design: AI personas should align with organizational goals, capabilities, and ethical guidelines. Human-Centered Approach: AI should enhance human capabilities rather than replace them. Ethical Frameworks: Transparency, privacy, and clear boundaries must guide AI interactions. Continuous Monitoring: Organizations should track AI behavior to ensure compliance and effectiveness. Implementation Frameworks The OPEN framework (Outline, Partner, Experiment, Navigate) provides a systematic four-step process for harnessing AI’s potential, guiding organizations from initial assessment through to sustained implementation. The CARE framework (Catastrophize, Assess, Regulate, Exit) offers a parallel structure for identifying and managing AI-related risks, that can guide organizations in implementing AI personas effectively: The OPEN framework helps organizations unlock AI’s potential through systematic: Outlining of possibilities and goals Partnership development with AI and stakeholders Experimentation with different approaches Navigation of evolving capabilities The CARE framework helps manage associated risks through: Catastrophizing to identify potential threats Assessment of risk likelihood and impact Regulation of risk through controls Exit strategies for when things go wrong Looking Forward The future of AI personas and agentic AI offers unprecedented potential for human cognition and collaboration. However, balancing technological advancement with ethical considerations is crucial. AI personas are reflections of human values and culture. Developing better AI personas isn’t just a technical challengeit’s a human one. Organizations must embody values that AI systems can learn and replicate. Success lies in embracing AI with “mature optimism”leveraging its potential while acknowledging limitations. The goal is to create AI personas that enhance human potential, support relationships, and help ndividuals become better versions of themselves. This transformation isn’t just about building better AIit’s about fostering a future where artificial and human intelligence thrive together in meaningful ways.
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E-Commerce
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