BP grew its renewables pipeline to 37GW during 2022, adding 10GW during the fourth quarter of the year, according to its financial results for the fourth quarter and full year results for 2022.
During 2022 the company increased its renewables pipeline by 14.1GW, primarily as a result of BP and its partner EnBW being awarded a lease option off the east coast of Scotland to develop an offshore wind project (1.45GW BP net) in the first quarter of 2022, net additions to Lightsource BP’s pipeline, plus the additions to the renewables pipeline in the fourth quarter in support of hydrogen in Australia.
Lightsource BP brought 2.7GW to final investment decision (1.34GW BP net) in full year 2022, an increase of 32% compared with 2GW (1GW BP net) in 2021.
The joint venture divested 900MW of projects (450MW BP net) during the year, resulting in $1bn of gains on disposal recognized in BP’s share of equity-accounted earnings.
In a separate update on its integrated energy company strategy BP stated it is investing up to $8bn more into “transition growth engines” by 2030, including hydrogen and renewables, bioenergy and EV charging.
These investments aim to “materially increase” earnings through 2030 aiming for $51-56bn group EBITDA in 2030, BP stated.
However, in parallel the company said today it was slowing the pace at which it will cut oil and gas output.
BP, which has previously pledged to cut emissions by up between 30% and 40% by the end of the decade, is now targeting a smaller 20% to 30% reduction.
The change is down to the fact it needs to keep investing in fossil fuels to meet demand, it added.