You may cancel your subscription at anytime by calling Customer Service. Skip to Main Content Skip to Search. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Dow Jones. New strategy Earlier this year bp announced its new purpose, net zero ambition and aims, and its determination to reimagine energy and reinvent bp.
We understand energy markets deeply, and have developed unique capabilities in trading, marketing, technology and innovation. And we are not starting from scratch in this new world. The focus areas are: Low carbon electricity and energy: building scale in renewables and bioenergy , seeking early positions in hydrogen and CCUS , and building out a customer gas portfolio to complement these low carbon energies. Resilient and focused hydrocarbons : maintaining an absolute focus on safety and operational reliability, bp intends to drive capital and cost productivity up and emissions down.
Partnering with countries, cities, and industries: as they shape their own paths to net zero. Digital and innovation: to enable new ways to engage with customers, create efficiencies, and support new businesses. Over the same time: Upstream oil and gas production is expected to reduce from 2. New financial frame, investor proposition and distribution policy bp also today introduces a new financial frame that will support this transformation and delivery of the strategy.
However, it is a decision that we wholeheartedly believe is in the long-term interest of our stakeholders. Net zero: page Analysts say large offshore wind farms probably offer the quickest route for BP to scale up but as they can take years to develop, and have high start-up costs, it may have to turn to acquisitions - and they won't come cheap.
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. Global renewable capacity is just over 2, GW, according to the International Renewable Energy Agency, but that is expected to grow rapidly as countries seek to lower emissions to meet targets set under the Paris Climate agreement.
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. With renewable power companies trading at high price-to-earnings ratios, analysts say BP could also build wind farms from scratch but they would come with high upfront costs. For example, Iberdrola's 3. BP's two biggest shareholders, BlackRock and Vanguard, declined to comment on its renewables strategy.
Not all investments will probably prove to be successful," he said. Reinventing the business now that oil prices are still relatively high should be easier than in 10 years' time. Shadia Nasralla , Journalist, Reuters. Susanna Twidale , Journalist, Reuters.
This article is published in collaboration with Thomson Reuters Foundation trust. The views expressed in this article are those of the author alone and not the World Economic Forum.
A blossoming marine ecosystem has been discovered in and around the largest offshore wind farm in the US. But wildlife is also at risk from these farms - so, what can be done? Here's detailed answer to what does net zero emissions mean. I accept. Shadia Nasralla Journalist, Reuters. Susanna Twidale Journalist, Reuters.
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