BP throws down low carbon investment gauntlet with US$500 million annual pledge

(REPOST: Clean Energy News)

The oil and gas giant yesterday reported its 2017 financial performance, highlighting what group chief executive Bob Dudley said was “one of the strongest years in BP’s recent history”.

That performance – a full year underlying profit of US$6.2 billion – allowed the firm, Dudley said, to continue with its five-year strategic plan with “real momentum” and embrace the energy transition, “seeking new opportunities in a changing, lower-carbon world,” he said.

And Lemar McKay, deputy group chief executive, said the firm was on the hunt for further acquisitions in low carbon power and storage as it looks to complement its existing alternative energy division.

Late last year BP signalled its intent with a US$200 million (£148 million) deal to purchase 43% of British solar giant Lightsource, an acquisition which Dudley and McKay both heralded during yesterday’s results disclosure.

BP’s investment plans are proof, if it were needed, of its continuing battle with Shell within the new energy economy. The duo have followed each other into the EV charging and renewable deployment areas of late, and just last week Shell announced more ambitious plans than BP to invest as much as US$2 billion per year in low carbon development.

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By |2020-12-18T16:17:59+00:00April 7th, 2018|News, Renewable Energy, Reviews, Uncategorized|
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