<
https://reneweconomy.com.au/bp-to-abandon-renewable-targets-divest-assets-in-shift-back-to-fossil-fuels/>
"British oil and gas supermajor BP is expected to announce today its decision
to scrap a previous target to ramp up renewable generation capacity 20-fold by
2030, returning instead to a focus on fossil fuels in an effort to mollify
investors.
BP’s chief executive, Murray Auchincloss, will reportedly announce the
strategic shift during the company’s capital markets day in the UK on
Wednesday, according to two anonymous sources speaking to Reuters.
Reported as an effort to address investor concerns over earnings, which have
underperformed those of its rivals in recent years, BP had already abandoned
its goal to cut oil and gas output by the end of this decade and is now set to
complete its about-face with a full-fledged return to fossil fuels.
The British multinational announced in mid-2020 a plan to increase its low
carbon investment 10-fold by 2030, resulting in a 20-fold increase in its
renewable energy generating capacity by the same time, pushing BP’s renewable
generating capacity to around 50GW by the end of this decade.
However, in 2021, BP had only 3.3GW of installed renewable generating capacity
globally. In the company’s 2024 earnings report, only 4GW of installed capacity
was reported, with a further 8.2GW that had progressed to final investment
decision (FID) and a development pipeline of 60.6GW.
This did not include the 62GW development pipeline attributed to Lightsource
BP, which BP acquired in full in October 2024.
These development numbers are likely to shift, however, as the two anonymous
sources also told
Reuters that BP would also announce its plans to divest
assets and cut other low-carbon investments as part of an effort to reduce the
company’s debt and boost returns."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
