Overpowered by the economic reality

bp’s move ‘back to petroleum’ is further evidence that our economic system needs a redesign

I am a serial conscious quitter of bp. I knew it was time to go when a colleague reflected to me: ‘this is hurting your soul now’. I left bp for the second time in 2023 after it became apparent to me that the wheels were coming off their strategy to transition away from oil and gas to renewable energy. At that time, I was incredibly angry. I was angry with investors for forcing a decision to backtrack on the company’s most important climate target. But I was also angry with how the company’s leaders were justifying it internally, they set about persuading employees that the backtrack was OK. The power of those narratives to pacify employees and society scared me. 

Rather than providing reassuring narratives, the climate leadership that we desperately need, is the courage to tell the truth.

I want to hear corporate leaders say ‘Markets are failing society; our experience shows that for-profit companies are unable to mitigate the climate crisis at the necessary pace. As a company we’ve tried to decarbonise our portfolio, but the financial constraints on us and lack of progressive climate policy means we cannot deliver our decarbonisation plan and remain competitive. If we want companies like ours to stick to their climate targets, we’re going to need help. But for now, it’s with a heavy heart that we give-in to the economic reality’.

Maybe expecting that level of honesty and courage from ‘leaders’ is hoping for too much? I might have been tempted to stay if I felt bp’s leaders wanted to use their influence with governments to engage in the level of system level thinking and change that is necessary. But the snap back to business-as-usual was too strong, too automatic, to have realistic hope that climate ambition could survive this attack. 

I didn’t speak out at the time because I was overwhelmed with anger and was experiencing personal grief. After I left, I became depressed and withdrew from the world. But I can’t let bp’s most recent announcement go by without commenting.

A bit of distance from the corporate drama has helped me see that, whilst frustration with companies is justified, if we only direct our anger and influence at them, we’re at risk of missing the bigger picture: 

Our economic system is not serving people and planet and therefore needs redesigning.

Whilst many in the mainstream accept the current ‘economic reality’ almost as a law of nature, I think the penny is starting to drop that it’s not. It’s something humans invented, so it’s something that we can change if we have the motivation to do so. 

I also suspect more and more people, within business, are starting to agree with the statement above, but they don’t think or talk about it for a variety of reasons. Some may feel it’s not their job, to advocate for the economic system to change. Isn’t that in the government’s remit? Maybe they don’t see an alternative to the ‘economic reality’, accepting it as a ‘necessary evil’. What’s the point in complaining about something you can’t change? What are the alternatives anyway? Neither of those groups represent the leadership we so desperately need at this critical moment in history. 

The urgent and important question is: What is the next iteration of our ‘economic reality’, that will result in greater wellbeing and equality for society and future generations? 

It’s clear we can’t rely on corporate leaders to ask or answer that question. The only people who have the power to redesign our economic system are policy makers and the only reason they might do that is if citizens demand it. The questions then become: 

• How are we going to use our power as citizens to demand policy makers redesign our economic system? and…

• What does redesigning the economy to better serve people and planet look like? 

Whilst these are difficult questions that I wouldn’t claim to have all the answers for, it doesn’t take a genius to see that some of the innovation we need from Government already exists:

• convening a citizens assembly on an economy in service of people and planet

• introducing a ‘Future Generations Act’, as was done in Wales in 2015

• changing company law through the ‘Better Business Act’, thereby growing the Social Enterprise and BCorp movements 

• introducing legislation to ensure pension funds can legally consider their impact on people and planet when they invest on behalf of pension savers

• introducing an effective carbon price whilst incentivising renewable energy

• bringing essential services back into public ownership, facilitating community owned renewable energy and insulating homes 

• taking climate adaptation seriously

Businesses could consider signalling their support:

• demanding better regulation through Climate Majority Project’s Regulate Us. Better campaign 

Citizens could consider amplifying your individual power by:

• joining community led action groups; together you could lobby your MP, use your Pension Power to build a better world or start talking about climate adaptation 

• connecting with organisations that will support you to find more purpose-led work, such as On Purpose

I used to think that we needed to use the scale and power of business to mitigate the climate crisis, but my experience has shown me that’s not working. The experiment has failed. Now I think we have to come together as citizens to demand change. 

Thank you to all the courageous, wonderful people engaged in this important work who are rebuilding my hope, despite the crazy times we’re living through.

Jo Alexander worked at bp as a Geologist from 2004 to 2015; she left after becoming increasingly aware that her role was in conflict with her values and love for planet earth. Spending time in purpose-led third sector organisations continued her process of 'waking up', leading her to AGM activism and an unexpected return to bp, as their Purpose Engagement Manager from 2020 to 2023. The process of waking up continued as she observed the inner workings of the corporate machine, realising the scale and depth of change that is necessary.