BP is moving into the offshore wind for the first time with a new strategic partnership with Equinor.
Its first deal will be to develop major assets with the potential to power more than 2 million homes in the US. We find out more about the Equinor partnership and the potential of offshore wind energy to help meet the world’s climate goals
The move comes a month after bp announced a new strategy, which includes the ambitious aim to increase annual low carbon investment 10-fold to around $5 billion a year by 2030. And grow developed renewable generating capacity from 2.5 gigawatts (GW) in 2019 to around 50GW by 2030.
“This is an important early step in the delivery of our new strategy and pivot to truly becoming an integrated energy company. Offshore wind is growing at around 20% a year globally and recognized as being a core part of the world’s need to limit emissions. Equinor is a recognized sector leader and this partnership builds on a long history between our two companies. It will play a vital role in allowing us to deliver our aim of rapidly scaling up our renewable energy capacity, and in doing so help deliver the energy the world wants and needs,” said Bernard Looney, chief executive officer BP.