BP aims to reach a renewable capacity of 20 GW by 2025 and 50 GW by 2030. At the end of 2019, the company had a renewable capacity of 2.5 GW, with 20 GW of project under development, mostly in solar (83%), wind (15%) and biomass (2%). The group aims to build out an integrated portfolio of low carbon technologies, including renewables, bioenergy, and hydrogen and carbon capture, utilisation, and storage (CCUS).
In August 2020, BP introduced its new 10-year strategy aimed at pivoting from being an international oil company to an integrated energy company. Within a decade, BP plans to reduce its oil and gas production by at least 1 mb/d from 2019 levels (-40% by 2030). The company will cease exploring for oil and gas in new countries. On top of the 50 GW renewable capacity target, bioenergy production should increase 5-fold from 22,000 bbl/d to more than 100,000 bbl/d, while the share of the hydrogen business should account for 10% of BP's core markets. BP will also focus on electric mobility (from 7,500 electric vehicle charging points to over 70,000 by 2030).
Earlier in September 2020, BP agreed to take over Equinor's 50% stake in the Empire Wind and Beacon Wind assets in the US east coast for US$1.1bn. BP’s acquisition of stakes in Empire Wind and Beacon Wind is expected to close in early 2021, subject to customary conditions and authority approval. The two companies will also establish a strategic partnership in the US offshore wind sector.
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