The oil major’s net zero plans have made it a sector leader but have yet to win over investors while fossil fuels are booming

Grand corporate strategies are launched in weighty declarations by chief executives who fancy themselves as visionaries. That was how Bernard Looney, the then chief executive of BP, did it back in February 2020 when he said the company would get serious about cutting greenhouse gas emissions and investing in renewables. “The direction is set. We are heading to net zero. There is no turning back,” Looney told his City audience.

By contrast, the watering down of ambition tends to happen in increments. Thus, when Looney last year scrapped BP’s aim to reduce hydrocarbon output by 40% by 2030, versus 2019’s level, in favour of a 25% cut, he claimed the change was a case of “leaning in” to the same strategy, just in the new circumstance of a world that was worrying more about energy security after Russia’s invasion of Ukraine.

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© Photograph: Neil Hall/EPA

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© Photograph: Neil Hall/EPA

Central bank raises concerns over newly elected governments as more than 80 countries go to polls this year

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Uncertainty caused by a global wave of elections, starting this weekend in France, risks destabilising the UK’s financial system, the Bank of England has warned.

Officials are concerned about the kind of policies that newly elected governments may enforce in large economies, including the US, where Donald Trump is vying for another term as president in the run-up to the election in November.

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© Photograph: Artur Widak/NurPhoto/REX/Shutterstock

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© Photograph: Artur Widak/NurPhoto/REX/Shutterstock

Artificial intelligence tools like ChatGPT are finding widest use at big companies, but there is wide expectation that the impact will spread.

© Kendrick Brinson for The New York Times

Last week's EU parliamentary elections have resulted in big wins for right (and far-right) parties across the continent, with inflation- and migration-driven campaigns seeing late surges in support from Giorgia Meloni's Brothers of Italy to Geert Wilder's Party of Freedom to the extremist (and Nazi-curious) Alternative for Germany. Most notable was the unprecedented success of Marine Le Pen's hard-right National Rally in France, whose demolition of the ruling centrist coalition was so complete that President Emmanuel Macron has unexpectedly dissolved the legislature and called for snap elections later this month in a high-stakes bid to disrupt the national-populist wave. Not all is grim for the left -- socialist parties held their own in multiple nations, proudly illiberal Viktor Orban's Fidesz fell short of projections against a rising Péter Magyar, and France's two-round system has reliably kept the far-right out of power. Still, this week's results have massive and troubling implications for climate change, Ukraine, and a swath of other critical issues.

The president’s visit to Wisconsin celebrated the investment by Microsoft in a center to be built on the site of a failed Foxconn project negotiated by his predecessor.

© Tom Brenner for The New York Times