BP has fleshed out its plan to become a net zero company by 2050 with a commitment to cut the oil and gas it produces by 40 per cent and increase annual investment in low carbon technologies 10-fold by the end of the decade. In a wide-ranging update posted on its website today, the oil giant outlined its plan to transition from an oil and gas provider to an “integrated energy company” in the wake of the pandemic that has resulted in multi-billion pound losses at the oil company.
Business Green 4th Aug 2020 read more »
BP has announced plans to increase its renewables capacity to 50GW, as it increases investment tenfold. Along with its half year results – which saw the oil and gas major slash its dividend in half – BP has released more details on how it will become a net zero company by 2050 or sooner. The company has announced the ambitious target of increasing its renewables by 2030, growing its capacity twentyfold from just 2.5GW in 2019. Currently BP has a global pipeline of 10GW of solar through its joint venture with Lightsource BP, an ambition that is on track to hit 2023 and will likely now be scaled up.
Current 4th Aug 2020 read more »
BP will almost halve oil and gas production within a decade and shift its focus to renewable energy as the company reinvents itself to survive in a greener future. The oil giant will increase wind and solar power generating capacity 20-fold and install about 70,000 new electric vehicle charging points by 2030. At the same time, it will cut oil production by 1.1million barrels a day to 1.5million as the company looks to slash its carbon footprint by a third.
iNews 4th Aug 2020 read more »
BP has vowed to leave oil behind with a historic shift into green energy after cutting its dividend in half and sinking to a record loss. The North Sea behemoth set out an ambitious plan to slash fossil fuel production by 40pc over the next decade and increase its annual investment in renewable and clean technologies to $5bn a year. BP will also develop more than 50 gigawatts (GW) of wind and solar farms – equivalent to Britain’s entire renewable capacity at present. Bosses were forced to cut dividend payments for the first time since the Deepwater Horizon disaster a decade ago as part of a battle to save money. It will pay out 5.25 US cents per share, down from 10.5 cents in the previous quarter.
Telegraph 4th Aug 2020 read more »
BP has won over investors with an ambitious new green energy strategy, despite halving its dividend and falling to a record $17.7 billion loss. Shares in the oil company surged by 6.5 per cent yesterday as it pledged to increase its low-carbon investment tenfold over the next decade to $5 billion a year and said that its oil and gas output would decline by at least a million barrels per day. Bernard Looney, chief executive, said that it would still invest about 50 per cent of its annual spending in oil and gas, but added that this would generate cash to invest in wind and solar farms and to drive its “transformation” from an oil company to a broader energy business.
Times 5th Aug 2020 read more »
As a barometer of how much BP has changed since Bernard Looney took charge, one need only look at the reaction of Greenpeace. Six months ago, on the Irishman’s first day in the job, the environmental campaign group picketed the oil major’s London headquarters, accusing it of “trying to block the transition to clean energy on a global scale”. Yesterday, as Mr Looney unveiled detailed plans to slash its carbon emissions by cutting its oil and gas output and investing billions of dollars in solar and wind farms, he won an unprecedented endorsement from BP’s erstwhile foe. “BP has woken up to the immediate need to cut carbon emissions this decade,” Mel Evans, Greenpeace’s climate campaigner, said. “Slashing oil and gas production and investing in renewable energy is what Shell and the rest of the oil industry needs to do.”
Times 4th Aug 2020 read more »
Biden’s plan to remove carbon from US electricity by 2035. Earnings season is almost over and, it is safe to say, the energy business is still reeling. BP’s second-quarter results came this morning: a huge $16.8bn loss — by far the company’s worst quarter since its Deepwater Horizon disaster — and the halving of the dividend. Big oil is getting smaller. If the first half of 2020 was painful, the second is riddled with uncertainty. The most significant is the US election. Joe Biden’s commanding poll lead makes it crucial to understand what his plan is for energy. Today we focus on his proposals for electricity.
FT 4th Aug 2020 read more »