Oct 10, 2019

BP's moves highlight Big Oil's slow diversification into power tech

Photo by Lance King/Getty Images

BP's venture arm announced Thursday that it led a Series A funding round for Grid Edge, a British software company that helps buildings control and cut their energy use.

Why it matters: It's the latest sign of how oil majors are boosting their investments in power technologies, EV charging and other areas outside their dominant fossil fuel lines.

The big picture: BP and Grid Edge said in their joint announcement that the startup's tech draws on data like weather forecasts and expected building occupancy to help customers tailor their energy needs.

  • It enables them to "leverage periods of high renewable power generation, and effectively use their building’s flexibility in energy demand and generation like a giant battery, to reduce costs and carbon emissions," per the statement.
  • The companies did not disclose the size of the investment.

Speaking of Big Oil and climate change, Reuters reports: "Royal Dutch Shell said on Thursday it would offset the carbon dioxide emissions of around 1.5 million road users in Britain starting later this month under a loyalty scheme."

Go deeper: U.S. could hit crude oil export milestone after Saudi attacks

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BP invests $5 million in forest carbon offsets firm Finite Carbon

Photo: Lance King/Getty Images

BP said Friday that its venture capital arm is investing $5 million in a company that specializes in offsetting carbon emissions through forest projects.

Why it matters: It's the latest example of oil giants using their venture arms to stake companies with tech and products designed to fight climate change.

Go deeperArrowOct 25, 2019

Big oil R&D in clean tech is hard to pin down

Data: BloombergNEF; Chart: Naema Ahmed/Axios

How much research and development big oil companies are putting into cleantech is one of the few concrete metrics to gauge the industry’s varying shifts toward cleaner energy.

Between the lines: Pinning that figure down is tricky because many companies don’t disclose and even those that do use definitions that vary widely for what constitutes cleaner energy or low-carbon.

Go deeperArrowOct 15, 2019

To meet climate goals, oil producers must slash production

Illustration: Sarah Grillo/Axios

The world's biggest publicly traded oil and natural gas companies would have to cut production by roughly a third on average by 2040 to meet the goals of the Paris climate deal, according to a new report.

The big picture: The opposite is occurring. Most oil and gas producers are expanding production in response to growing demand and the fact that the world is not on track to meet the Paris ambitions.

Go deeperArrowNov 1, 2019