There will be no billion-dollar bets on green energy by BP because it is too early to tell which technologies will triumph, Bob Dudley has said. The oil major’s chief executive said that it had learnt lessons from its dash into renewables and low-carbon technologies two decades ago under Lord Browne of Madingley, who led the company’s “Beyond Petroleum” rebrand. Many of the investments made then had not proved profitable because the policy and regulatory environment did not support the shift to low-carbon technologies as expected, Mr Dudley said. BP remained committed to low-carbon energy and retained a big portfolio of wind farms in the United States that were profitable but did not make “a material difference to the bottom line”, he said. However, the company had replaced the “billion-dollar bets of the past” with a “quieter, but still steadfast commitment to helping to address the climate challenge” through more than 100 smaller actions across the business.
Times 19th Oct 2017 read more »