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.
) 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.
European oil firms are under pressure from activists, banks, investors and some governments to shift away from fossil fuels and are trying to find business models that offer higher margins than the mere production of renewable energy would generate. “Getting value for that will be hard because these assets are very attractive and selling at very high prices,” said Peter Atherton, associate at British strategy consultants Stonehaven.
Orsted currently has 10 GW of installed wind power capacity - still only a fifth of BP’s target - and has committed to add another 3.8 gigawatts. International Energy Agency data shows that renewables, including wind, solar and hydropower, accounted for about a quarter of the electricity produced in countries in the Organisation of Economic Co-operation and Development last year.In a strategy update on Tuesday, BP said it would cut its oil and gas output by 40% by 2030 and spend $5 billion a year on low carbon projects that it hopes will turn it into one of the world’s biggest green power producers.
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