BP makes billion-dollar offshore wind play

Why it matters: It's a sign of BP's pledge to speed up its diversification into low-carbon technologies and shrink its fossil fuel business — which currently dominates its portfolio — over the long term.

• As part of the climate plans rolled out last month, BP said it hopes to develop 50 gigawatts of renewable generating capacity by 2030, which is 20 times its 2019 level.
• The projects Equinor is developing in the regions off Massachusetts and New York will have a potential combined generating capacity of 4.4 GW, enough to power over 2 million homes, the companies said.

The big picture: The move also shows interest in the fledgling U.S. offshore wind market, which has been very slow to develop (there's just one small project in operation) but is now attracting lots of capital.