BP has detailed in a strategy update that the oil and gas giant will invest up to £54 billion ($65 billion) in its transition growth engines (TGEs) but has reduced its emissions reduction target by 2030 due to continued investment in oil and gas.
Oil and gas giant BP confirmed it more than doubled its annual profit in 2022 to £23 billion ($27.7 billion), up from the £10.6 billion ($12.8 billion) witnessed in 2021, owing to soaring oil and gas prices.
The opportunity to hit net zero by 2050 globally is “narrow but still achievable” if renewables grow to dominate the energy sector, while no additional investments into fossil fuels are made.
SP Energy Networks is to pilot new switchgear technology developed by Siemens that has the potential to reduce the volume of greenhouse gas used at its substations.