BP refuses to accept returns of less than 8-10pc
BP stands firm on renewable project returns
Oil major slashes list of potential projects as new head of low-carbon business reviews investment cases
BP has scaled back its list of potential renewables projects by about 30pc as it refuses to accept returns of less than 8-10pc, despite challenging market conditions in the offshore wind sector. The company’s hopper of potential renewables developments stood at 12GW of active projects at the end of the first quarter of 2022, down from 17GW in the previous quarter. “We will only do projects that meet our guidance of 8-10pc returns,” BP CEO Bernard Looney told analysts at the company’s first-quarter results presentation. “We want to lean in and accelerate, but we only want to do so if we can make the returns that we promise.” BP has rejected some projects previously earmarked for potential inv
Also in this section
13 December 2024
Prices in world’s largest compliance market have risen this year but remain below those seen in the EU
11 December 2024
Policymakers need to step up with a long-term, global strategy if the energy transition is ever to be a success
11 December 2024
CCUS and other carbon management technologies are gaining traction around the world, but heightened policy risk and other pressures will make 2025 a challenging year in some regions
10 December 2024
Tightened standards have helped improve the outlook for the voluntary carbon market, which is set for a record year and poised for long-term growth
