BP is closing in on boosting its renewables pipeline to 25GW, including 3.7GW of projects for which it has reached a final investment decision.
The 24.9GW pipeline includes 3.7GW of offshore wind and 17.5GW of solar projects. However, BP has not specified how much wind and solar is included in the 3.7GW of projects it has committed to financially.
CEO Bernard Looney said the company was making “good progress” toward its ambition of becoming an integrated energy company active in renewables, as well as oil and gas.
BP recently confirmed it was bidding alongside German utility-developer EnBW for offshore wind leases off Scotland that could support 2.9GW of offshore wind capacity. And in the second quarter of the year, it joined Statkraft and Aker Offshore Wind to bid for a lease to build offshore wind in the Sørlige Nordsjø II area off the south of Norway.
Earlier this year, BP was also named preferred bidder for two sites in the UK’s fourth offshore wind leasing round with EnBW. These lease areas in the Irish Sea could support 3GW of offshore wind capacity.
Also in Q1, BP and Equinor were successful in New York’s offshore wind tender, being selected to build nearly 2.5GW of projects off the US east coast state.
However, despite this recent activity, renewables still make up a small percentage of BP’s profits. Its Q2 profits from gas and low-carbon energy were $927 million, compared to $3.1 billion from oil production and operations. However, this $927 million profit was up from a $7.7 billion loss in the same segment in the same period one year ago.
BP aims to reach zero emissions on an absolute basis by 2050, but has not explained how it will do this while still sourcing oil and gas, and without the use of offsetting.