A new report published today by BP has set out the company’s low carbon agenda and investment in renewable energy, with the firm setting out its “accredited activities” in the first year as wind energy and Brazilian biofuels and biopower.
BP also outlined its commitment to renewable energy via the investment of just under £140million over the next three years in solar firm BP Lightsource, which it calls “Europe’s largest”.
The report states that the money will help BP Lightsource focus on “the acquisition and long-term management of large-scale solar projects”.
The traditional oil and gas firm also pointed to its existing 13 US wind farm sites, which it says generates enough energy to power 400,000 per year.
BP also said that it plans to focus heavily on natural gas in areas such as the Southern European corridor from the Shah Deniz field in the Caspian Sea across five countries to Italy.
Bob Dudley, BP group chief executive, said: “The world is growing like never before, creating opportunity for billions of people. And all this growth requires energy. But as the world demands more energy it also demands that it be produced and delivered in new ways, with fewer emissions.
“At BP, we embrace this dual challenge. We have always looked to the future, adapted to change and met challenges like this head on.
“In this report, we examine how the energy world is changing, set out our low carbon ambitions and show how we are helping to advance the energy transition.”
In the report, BP also outlined its aim to generate sustainable reductions of 3.5 million tonnes of annual CO2 equivalent greenhouse gas emissions throughout its businesses by 2025.