According to Bloomberg, BP’s proposed transition from one of the world’s biggest oil companies to being a clean energy giant will start with a five-year sprint to dramatically boost wind and solar power.
How’ll BP achieve This?
The energy giant plans to approve more than 20 gigawatts (GW) of renewable energy projects by 2025. BP says 83 percent will be solar, 15% wind, and 2% bio-energy.
What does this Mean?
This would be an eightfold increase from 2019 and most of it would be solar — making the company one of the world’s biggest generators of solar electricity.
“With falling costs comes real growth,” said Dev Sanyal, BP’s executive vice president of gas and low-carbon energy in an online presentation on Tuesday. “Renewables have become the fastest-growing source of energy and we see this continuing over the next decade and beyond.”