The boss of bp has stressed the significance of profitability in renewable energy ventures.
Bernard Looney has emphasised that bp will only pursue green energy schemes that meet strict financial criteria, citing concerns over rising costs impacting certain offshore wind farms.
Mr Looney reaffirmed bp’s commitment to both fossil fuels and renewables, stating that both are essential for bolstering global energy security.
However, the Chief Executive of bp made it clear that green initiatives must demonstrate the potential for solid financial returns to ensure long-term viability.
Despite reporting a decline in profits for the second quarter of this year, bp remains committed to its “transition” businesses, allocating an additional $8 billion (£6.2bn) to both its renewable and oil and gas divisions by the end of the decade.
Mr Looney said: “What I can tell you categorically is that our returns threshold is sacrosanct – we will not develop projects that don’t meet our returns threshold.
“We don’t want to generate electrons just for electrons’ sake.”
