Bp Renewable Energy Strategy

Net zero people and planet include prioritised themes linked to the un sustainable development goals.

Bp renewable energy strategy.

New purpose and ambition bp s new ceo bernard looney today announces a new purpose and a new ambition for the company. Bp s new purpose is reimagining energy for people and our planet. The newly announced dividend represents a. Bp produces the energy outlook to inform its analysis and strategy and for the past ten years has published it as a contribution to the wider debate about the future of energy.

Bp announced its shift away from oil to greener energy resources including natural gas renewable fuels wind solar and hydrogen. The outlook is only one of many sources when considering the future of global energy markets and bp considers a wide range of other analyses and information. This accounted for over 40 of the global growth in primary energy last year which is larger than any other fuel. Our new sustainability frame links our strategy to our purpose to reimagine energy for people and our planet.

Renewables energy consumption which includes biofuels and all traded renewable electricity apart from hydro continued to grow strongly contributing its largest increase in energy terms 3 2 ej on record. The ceo of oil and gas giant bp told cnbc on wednesday that its decision to reset its dividend to 5 25 cents a share was deeply rooted in strategy. This change in course is evocative of when netflix abandoned dvd. In developing economies and as a source of near zero carbon energy in developed economies while they switch to greater renewable.

Bp will host a capital markets day in september to set out its strategy and near term plans. 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. Renewables are the fastest growing energy source contributing half of the growth in global energy with its share in primary energy increasing from 4 in 2019 to around 15 by 2040 in bp we have an established and growing alternative energy business with a significant portfolio across renewable fuels power and products. We will set aims and objectives for our focus areas on people and planet as we have done with net zero.