Oil giants are slowly changing course and BP plans to reduce oil and gas production and invest large capital in clean energy
After many years BP plans to reduce oil and gas production and invest in clean energy as well as electrification. This was the result of a major strategic review presented yesterday on the occasion of the publication of the UK oil giant’s financial results for the second quarter of the year.
BI has announced plans to increase 10 times more than its annual investments to limit carbon emissions by 2030. Indeed, in the context of recent announcements that the British oil giant wants to project a zero carbon footprint from all its activities by 2050.
The company expects demand for fossil fuels to fall by 75% over the next 30 years if global warming is limited to 1.5 degrees Celsius – or 50% if it is less than 2 degrees Celsius.
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In this context, BP announced yesterday, among other things, that it would reduce oil and gas production by at least 1 million barrels per day by 2030 – about 40% above 2019 levels. However, most of its annual capital expenditure over the next 5 years will be oil and gas as a benchmark.
The company’s future plans also include its gradual “removal” from oil in combination with significant investments in bio energy and hydrogen. At the same time, BP aims to install over 70,000 charging points for electric cars over the next few years that will provide electricity generated from renewable sources. BP currently has just 7,500 charging stations.