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