Thursday
August 6
2020

BP Aims to Build 50GW of Renewables by 2030, Cut Fossil Fuel Output by 40%

By John Parnell

BP will cut its oil and gas output by 40 percent by 2030 and increase its low-carbon investment tenfold by then, the company announced Tuesday as it begins to detail its 2050 net-zero strategy.

BP, which first revealed its net-zero ambitions in February, says it will ramp up its annual low-carbon investment from $500 million in 2019 to $5 billion per year by 2030, with an interim goal of $3 billion to $4 billion per year by 2025. Total capex for 2020, across all sectors, is expected to be $12 billion.

BP is now targeting 50 gigawatts of renewables capacity by 2030, an ambition that puts it on a level with French utility giant EDF. BP’s renewables target includes a 20-gigawatt goal by 2025, up from the 2.5 gigawatts it has today.

Photo courtesy of Mike Mozart.

Source: Greentech Media (link opens in a new window)

Categories
Energy, Environment
Tags
fossil fuels, global economy, impact investment, renewable energy, SDGs, solar power