BP refuses to accept returns of less than 8-10pc
BP stands firm on renewable project returns
Oil major slashes list of potential projects as new head of low-carbon business reviews investment cases
BP has scaled back its list of potential renewables projects by about 30pc as it refuses to accept returns of less than 8-10pc, despite challenging market conditions in the offshore wind sector. The company’s hopper of potential renewables developments stood at 12GW of active projects at the end of the first quarter of 2022, down from 17GW in the previous quarter. “We will only do projects that meet our guidance of 8-10pc returns,” BP CEO Bernard Looney told analysts at the company’s first-quarter results presentation. “We want to lean in and accelerate, but we only want to do so if we can make the returns that we promise.” BP has rejected some projects previously earmarked for potential inv
Also in this section
12 March 2026
Role of world’s largest carbon cap-and-trade market under scrutiny as war in Iran threatens to drive EU energy costs to unsustainable levels
10 March 2026
Europe urgently needs to bring more projects to FID, as CCS investors warn they might divert capital to faster-growing regions
9 January 2026
A shift in perspective is needed on the carbon challenge, the success of which will determine the speed and extent of emissions cuts and how industries adapt to the new environment
2 January 2026
This year may be a defining one for carbon capture, utilisation and storage in the US, despite the institutional uncertainty
