BP Targets $5B Annual Renewables Spending, 50 GW by 2030
Fossil fuel companies are increasingly diversifying their investments as pressure mounts for companies to mitigate their carbon footprint. The "stark truth" is that companies need to become more sustainable, or risk being left behind, bp chairman Helge Lund said during the company's Q2 earnings call.
"Energy markets have begun the process of fundamental, lasting change, shifting increasingly towards low carbon and renewables," he said. But although the company says it will pivot from an international oil company to an "integrated energy company" in the next decade, its oil investments will not weaken completely, he said.
By Utility Dive