Big Oil Diversifies In Renewables Push
The focus comes as the world looks toward cleaner sources of energy, including natural gas, as demand grows. But companies, for the most part, aren’t ditching fossil fuels, which remain the dominant force in not only meeting energy needs but also bringing in revenue.
Energy giant BP has committed to expanding its renewable businesses and investing $500 million in low-carbon activities annually as it works toward an emissions reductions target of 3.5 million tonnes out to 2025. Latest efforts have included investing $200 million over three years in Lightsource, a solar development company, investing $500,000 in U.S.-based consortium Incubatenergy Network and launching a battery storage project at a U.S. wind farm.
BP is not alone. Statoil, which officially changes its name to Equinor on May 15 to reflect its transition to a broad energy company, added to its wind portfolio when it started electricity production from the world’s first floating wind farm offshore Scotland.