BP To Slash Oil Production, Pour Money Into Green Energy
BP WILL SLASH OIL PRODUCTION BY 40% AND POUR BILLIONS INTO GREEN ENERGY
(CNN) – Oil and gas giant BP has announced details of a strategic overhaul.
The London based company is going to pivot away from oil and gas production to focus on clean energy.
BP said it plans a ten-fold increase in annual low carbon investments to $5 billion by 2030.
This, as it tries to deliver on its promise of net zero emissions by 2050.
BP’s plan will involve major investments into bioenergy, hydrogen, and carbon capture and storage.
It is also targeting 70,000 electric vehicle charging points.
At the same time, BP aims to raise $25-billion by selling assets over the next five years.
Greenpeace UK described the announcement as a “necessary and encouraging start”.