BP has faced strong criticism for walking back on its decarbonization aims under new CEO Murray Auchincloss. Under former CEO Bernard Looney, BP introduced 10 new aims, including its transformation to a net-zero energy company by 2050. However, by early 2023, BP had reduced aims for a 40 percent emissions reduction by 2030 to a 25 percent decrease. In October, under Auchincloss, it was reported that BP plans to abandon its curbs on fossil fuel production and instead invest in oil and gas in several new regions, including the Middle East and the Gulf of Mexico. The signing of new deals by three of Europe's biggest oil and gas majors, allowing them to continue investing heavily in British North Sea oil and gas operations, suggests that the companies see a future in fossil fuels. Shell, Equinor, and BP are all expanding their portfolios to include renewable energy assets.