LEILA FADEL, HOST:
When oil companies say they re going green, people don t tend to believe them. But these days, some oil and gas companies are starting to actually put some money on the line. That s a major development. But as NPR s Camila Domonoske reports, let s not get carried away.
CAMILA DOMONOSKE, BYLINE: Last month, a huge oil and gas company announced it was buying up a pipeline - not that kind of pipeline, a pipeline of future solar energy projects - basically, ideas for where to build solar panels.
DEV SANYAL: It s a big step forward, lots of work to be done. But it s what we believe is a massive business opportunity.
When Oil Companies Say They re Going Green, Should We Believe Them?
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BP joins Statkraft and Aker for Norway offshore - reNews
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BIC Magazine
June 3, 2021
BPÂ boosted its investment in U.S. renewables with a $220 million purchase of solar projects from developer 7X Energy.
The acquisition represents a significant step towards bpâs target of growing its net developed renewable generating capacity to 20GW by 2025 and aim to increase this to 50GW by 2030.
The deal will also grow bpâs renewables pipeline from 14GW to 23GW. These assets will be developed through bpâs 50-50 solar joint venture Lightsource bp, a global leader in solar energy, applying Lightsource bpâs capabilities to accelerate bpâs renewables targets.
âWith this purchase, we are continuing to put our strategy in action as we grow our renewables business in a deliberate and disciplined way. It brings us 9GW of high-quality solar projects in markets where we can create integrated renewable energy offers through our trading and customer franchises, said Dev Sanyal, bp executive vice president of gas and low carbon