On August 4, 2020, BP announced a new long-term strategy to pivot away from fossil fuels and achieve its goal of being net-zero by 2050.[1] BP first announced its intention to become net-zero by 2050 in February 2020 following the appointment of Bernard Looney as BP’s new CEO.[2] Under the new strategy, BP set a target of 50 GW of renewable by 2030 and an interim goal of 20GW by 2025, up from 2.5GW in 2020. BP will also ramp up its spending on low-carbon energy resources to about $3-4 billion per year by 2025 and $5 billion annually by 2030. As of 2020, BP spends about $500 million annually on low-carbon energy. It also plans to cut its oil and gas production by 40% by 2030. BP also stated that it will not launch new oil and gas exploration efforts in countries where it does not already have a presence. However, the company is not ruling out new wells in countries where it already operates.

[1] https://www.bp.com/en/global/corporate/news-and-insights/press-releases/from-international-oil-company-to-integrated-energy-company-bp-sets-out-strategy-for-decade-of-delivery-towards-net-zero-ambition.html

[2] https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bernard-looney-announces-new-ambition-for-bp.html