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
22 July 2025
Sinopec hosts launch of global sharing platform as Beijing looks to draw on international investors and expertise
22 July 2025
Africa’s most populous nation puts cap-and-trade and voluntary markets at the centre of its emerging strategy to achieve net zero by 2060
17 July 2025
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
9 July 2025
Latin American country plans a cap-and-trade system and supports the scale-up of CCS as it prepares to host COP30