BP’s green energy targets will be tough to meet

The Business Times | Aug 11, 2020 at 2:00 AM
  • BP will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world’s largest renewable power generators.
  • The British oil and gas company wants 50 gigawatts (GW) of renewables such as wind, solar and hydropower in its portfolio by 2030, up from just 2.5 GW now and more than the total renewable capacity in the UK at the moment.
  • Biraj Borkhataria, an analyst at Royal Bank of Canada, estimates that BP will have to spend about US$60 billion to achieve its renewables target, assuming a 50/50 split between offshore wind and solar power production.