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BP faces activist investor pressure to ditch clean energy pledges

London hedge fund Bluebell calls for abandonment of ‘irrational strategy’ that has ‘depressed value’
Bluebell says BP should reduce investments in bioenergy, hydrogen and renewables between 2023 and 2030 by $28bn, or about 60%

Activist investor Bluebell Capital Partners has called on BP to ditch its commitment to cut oil and gas output as well as other keys parts of its strategy to transform the company into a clean energy provider.

Bluebell, a London-based hedge fund that previously took on Danone and Glencore, wrote to BP chair Helge Lund in October shortly after acquiring a small stake in the London-listed energy major.

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