French oil major BP commits to add 20 GW of solar and wind generating capacity by 2025 to diversify its renewable energy space, media reports said. It is reported that the company will have 50 GW in renewable capacity by 2030, a mission that has been planned for years.
The move by BP will help it transform into an integrated energy company with a focus on clean energy for the future. The company has also vowed to cut its oil production by 40 percent within the next ten years.
It is reported that BP is already developing 20 GW of capacity, while it has only completed about 2.5 GW of the project. The majority of the capacity in the pipeline is composed of solar.
The company has inked a 1.1-billion deal with Norway’s Equinor to acquire half of its offshore wind assets in the US, marking its foray into the offshore wind market for the first time.
Empire Wind offshore will have 2 gigawatts (GW) capacity installed, while the Beacon Wind offshore Massachusetts has the capacity to hold 2.4 GW of energy where Equinor will be the sole operator of the assets.
According to BP’s future forecast, the new renewable energy addition has the potential to generate 550 GW of energy over the next 15 years. The company’s green energy ambition is strong and realistic.
Many global oil companies are planning to go carbon neutral as many internal organisations are pushing to curb climate change.