BP plans to cut oil production 40 percent by 2030
In February, BP announced a pledge to (mostly) reach net-zero CO2 emissions by 2050, a noteworthy change of course steered by new CEO Bernard Looney. BP had long dabbled in promoting an interest in greener pursuits, but these promises pointed toward a more serious shift.
On Monday, the company released some specifics for the coming decade, describing a new strategy that will reshape [BP's] business as it pivots from being an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers." The new details are focused on investors, as the plan involves about a 50-percent reduction in dividends for shareholders. That money will instead go to paying down debts-partly a response to the economic consequences of COVID-19-as well as funding some of the planned investments.
BP says it will increase investment in low carbon energy" from $500 million to around $5 billion per year by 2030. That includes building renewable electricity generation reaching 50 gigawatts in capacity, as well as pushing into the nascent hydrogen, biofuel, and carbon capture industries. It also includes betting on the electric vehicle charging business, with a goal of expanding from the current 7,500 charging points to over 70,000.
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