BP hasn’t fallen out of love with renewables. It just wants to have more power.
CEO Bernard Looney’s pursuit of green energy outstripped all rivals three years ago when he outlined a radical blueprint to move away from fossil fuels.
Last month he applied the brakes, slowing BP’s planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine.
The oil major isn’t backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it’s simply changing the terms of the relationship.
Dotzenrath told Reuters BP was reviewing its solar and onshore wind businesses as part of a revamp that will see it move away from selling the clean electricity it produces, and instead keep hold of most of it to supply its growing electric vehicle charging network and production of low-carbon fuels.
The onshore renewables scrutiny, which hasn’t been previously reported, follows reviews by Dotzenrath of BP’s offshore wind and hydrogen businesses over the past year which led to overhauls that saw the company install new managers, hire staff, scrap some projects and seek to revise terms of others.
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