September 16, 2020 Read More →

BP aims for 20GW of renewable energy projects by 2025

Bloomberg:

BP Plc’s journey from oil major to clean energy giant will start with a five-year sprint to dramatically boost wind and solar power.

By 2025, the company intends to have approved more than 20 gigawatts of renewable energy projects, an eightfold increase from 2019, Dev Sanyal, BP’s executive vice president of gas and low-carbon energy, said in an online presentation on Tuesday. Most of that would be solar — putting BP on a par with today’s biggest generator of electricity from the sun. The company also plans big investments in wind, following on from last week’s $1.1 billion deal with Equinor ASA.

“With falling costs comes real growth,” Sanyal said. “Renewables have become the fastest growing source of energy and we see this continuing over the next decade and beyond.” 

This rapid expansion would just be the start of the London-based oil giant’s transformation into a low-carbon integrated energy company. Chief Executive Officer Bernard Looney has pledged to eliminate all net greenhouse gas emissions from BP and its customers by 2050.

Of the 20 gigawatts of renewable energy capacity BP intends to begin developing over the next five years, 83% will be solar, 15% wind and 2% bio-energy, Sanyal said. That much solar would give BP about the same capacity as is currently owned by the world’s biggest operator, China’s State Power Investment Corp. Ltd, according to data from BloombergNEF.

Solar power will be crucial for achieving the breakneck pace of growth BP laid out. It is relatively quick to install, taking as little as 18 months from concept to construction, Sanyal said. That’s much faster than massive offshore wind farms, which can take a decade to plan and construct.

[Laura Hurst and Will Mathis]

More: BP’s clean energy push starts with five-year dash on solar, wind

Comments are closed.