We are aiming to increase the proportion of capital expenditure in transition growth businesses to more than 40% by 2025 and around 50% by 2030. Driven by five transition growth engines (see left), our aim is to deliver earnings of $9-10 billion from these businesses by 2030.
bp anticipates investing in five major biofuels projects, including the conversion of up to two refineries, and growing biogas in the US, Europe and the UK.
With a focus on fast and on-the-go charging – almost half bp’s current network is fast or ultra-fast – and on fleets, bp aims to increase the energy sold across its EV charging networks 100-fold from 2019 to 2030.
bp is on track for its target of having developed 20GW of renewables to FID by 2025 and aims for 50GW by 2030. bp remains confident of achieving 8-10% levered returns for these investments.
Where we have built a significant portfolio of options in advantaged markets worldwide with potential capacity of between 0.7-1.3 million tonnes a year. We expect these to also enable additional value creation through integration with renewables and CCS.
The strategic progress and the growing confidence in the opportunities of the energy transition are allowing us to raise our ambition to becoming net zero for our sales, as well as for our operations and production – making bp unique among our peers.
Find out more about our results, our strategy and our aims here.