Sunday, August 09, 2020 7:07 p.m. EDT by Thomson Reuters
By Shadia Nasralla and Susanna Twidale
LONDON (Reuters) – BP will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world’s largest renewable power generators.
The British oil and gas company wants 50 gigawatts (GW) of renewables such as wind, solar and hydropower in its portfolio by 2030, up from just 2.5 GW now and more than the total renewable capacity in the United Kingdom at the moment.
European oil firms are under pressure from activists, banks, investors and some governments to shift away from fossil fuels