The British energy company announced this in February during the presentation of its annual results for 2021. Part of the transition is the acceleration of the net-zero ambition. Last year, BP achieved its highest profit in eight years at $12.85 billion (€11.2 billion).
By 2030, BP wants to realise $9-10 billion (€7.8-8.7 billion) in profits from transition growth business, driven by five ‘growth engines’: bioenergy, ‘convenience’, electric vehicle charging, renewables and hydrogen. BP expects to invest in five major biofuel projects, among others. These include the conversion of one or two oil refineries. It also sees opportunities for “significant growth” in biogas in the US, Europe and the UK.
“We believe the need for and role of an integrated energy company has never been clearer,” said Bernard Looney, CEO of BP. “Over the past two years, our confidence in the opportunities presented by the energy transition has grown stronger.”