BP has reaffirmed its goal of bringing 50GW of renewable energy capacity to FID by 2030 in its 2023 Annual Report. In addition, it aims to reach 20GW in FID by 2025.
In 2023, the company had 6200MW of renewable energy capacity brought to FID, a 400MW increased compared to the 5800MW in 2022.
For installed capacity, BP reached around 2700MW in 2023 compared to 2200MW in 2022. The company aims to have around 10GW of renewable energy capacity installed in 2030.
The company saw 21,100MW of net growth in its renewables pipeline and along with 1.1m tonnes per annum of net growth in its hydrogen pipeline.
BP also pledged to become a net zero company by at least 2050 as its seeks to transform from an oil company to an integrated energy company.
In 2023, the company reduced its operational emissions by 41% since 2019, staying ahead of its 2025 target of 20% emission reductions.
“BP had a strong operational performance in 2023 and its strategy remains well suited to the energy transition as it unfolds,” said company Chair Helge Lund.
“Our strategy is based on the judgement that oil and gas will be needed for decades, but that a global shift to lower carbon energy is well underway. Since the pace of that shift is uncertain, we will continue to be flexible and pragmatic, responding to changing demand and societal need,” Murray Auchincloss added.