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Photo: Lance King/Getty Images

BP is making its first move into offshore wind via a new deal and partnership with Norway-based Equinor, which is developing big U.S. projects.

Driving the news: BP is paying Equinor $1.1 billion for a 50% stake in wind farms Equinor is developing off the coasts of New York and Massachusetts. The oil-and-gas companies — which are both making more moves into renewables — also announced a "strategic partnership" to jointly pursue other U.S. offshore projects.

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.

Go deeper

Ben Geman, author of Generate
Dec 16, 2020 - Energy & Environment

BP snags forest carbon offset firm

Photo illustration of Bernard Looney, the CEO of BP. Photo illustration: Eniola Odetunde/Axios. Photos: Daniel Leal-Olivas, NurPhoto/Getty Images 

Oil giant BP said this morning that it has taken a majority stake in Finite Carbon, a U.S.-based company that according to BP is the country's largest developer of forest carbon offsets.

Why it matters: BP, which made a $5 million investment in the firm's parent last year, said the new deal would help the company expand and reach new markets. The size of the deal was not disclosed.

Amy Harder, author of Generate
Aug 6, 2020 - Energy & Environment

Coronavirus hastens Big Oil's Atlantic divide on climate change

Illustration: Aïda Amer/Axios

The pandemic is accelerating a divide between European and American oil companies over climate change and clean energy.

Why it matters: Bottom lines and investor returns will be vastly different across the corporate spectrum depending on how aggressively the world tackles climate change in the coming decades.

Amy Harder, author of Generate
Aug 16, 2019 - Energy & Environment

As wind and solar energy grow, so do their challenges

Data: WoodMac; Chart: Axios Visuals

Costs for wind and solar electricity have plummeted in the U.S. and around the world, driving incredible growth in these cleaner sources of energy and helping combat climate change.

But, but, but: The costs associated with the variability of wind and solar — it’s not always windy or sunny — are growing as states, progressive politicians and corporations push for rapid increases in these resources to levels much greater than what we have today.