The Globe and Mail reports in its Wednesday edition that BP boss Bernard Looney says he will not further scale back his energy transition strategy after ceding some ground earlier this year, despite investors penalizing the group over its plan to break away from rivals in cutting oil and gas output. A Reuters dispatch to The Globe reports that Mr. Looney, taking office in February, 2020, with a vow to reinvent the 114-year-old company, laid out ambitious plans for BP to achieve zero net emissions by 2050, and to invest billions in renewable and low-carbon power. Earlier this year BP scaled down plans to cut hydrocarbon production by 2030, to 25 per cent from 2019 levels from 40 per cent. However, it remains the only major oil company aiming to reduce output by the end of the decade. Rival Shell plans to maintain oil production and grow its gas output by 2030, while Total Energies also aims to grow output. Investors have responded coolly to the transition plan. BP's shares have risen 4 per cent since Mr. Looney took office, against gains of about 20 per cent and 29 per cent for European counterparts Shell and Total E-nergies, and increases of 50 per cent and 80 per cent for U.S. rivals Chevron and Exxon Mobil.