BP will cut its oil and gas output by 40 percent by 2030 and increase its low-carbon investment tenfold by then, the company announced Tuesday as it begins to detail its 2050 net-zero strategy.
BP, which first revealed its net-zero ambitions in February, says it will ramp up its annual low-carbon investment from $500 million in 2019 to $5 billion per year by 2030, with an interim goal of $3 billion to $4 billion per year by 2025.
BP is now targeting 50 gigawatts of renewables capacity by 2030, an ambition that puts it level with French utility giant EDF. BP’s renewables target includes a 20-gigawatt goal by 2025, up from the 2.5 gigawatts it has today.
