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POWER: BP Cuts Renewable Investments by Over $5bn Compared to Previous Plan

POWER
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BP has reduced its renewable investments as part of a strategic “reset,” cutting capital expenditure for transition businesses to just $1.5–2bn annually, over $5bn less than previously planned, it said.

  • Additionally, investments in low carbon energy reduced to under $0.8bn per year.
  • The firm will target investment in biogas, biofuels, and EV charging, however, prioritising high-return projects and leveraging existing infrastructure.
  • It plans to grow “top-tier” offshore wind and solar platforms with a capital-light approach. And limit further projects in hydrogen and carbon capture.
  • However, the firm is planning for 45–50% reduction in operational emissions by 2030 from 2019 levels.
  • This shift in focus is part of a broader strategy to allocate more resources to higher-returning oil and gas projects.
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BP has reduced its renewable investments as part of a strategic “reset,” cutting capital expenditure for transition businesses to just $1.5–2bn annually, over $5bn less than previously planned, it said.

  • Additionally, investments in low carbon energy reduced to under $0.8bn per year.
  • The firm will target investment in biogas, biofuels, and EV charging, however, prioritising high-return projects and leveraging existing infrastructure.
  • It plans to grow “top-tier” offshore wind and solar platforms with a capital-light approach. And limit further projects in hydrogen and carbon capture.
  • However, the firm is planning for 45–50% reduction in operational emissions by 2030 from 2019 levels.
  • This shift in focus is part of a broader strategy to allocate more resources to higher-returning oil and gas projects.