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Photo: Aleksander Kalka/NurPhoto via Getty Images

BP is providing more info this week about its decades-long plan to diversify away from its dominant fossil fuel business — including expectations for the first few years.

Why it matters: European-based global oil giants are all vowing some kind of decades-long pivot toward more climate-friendly products and deep emissions cuts.

  • So the specifics of BP's effort and their ability to make good on their splashy climate pledges will be closely watched.

Driving the news, via Bloomberg: BP's plan will "start with a five-year sprint to dramatically boost wind and solar power."

  • "By 2025, the company intends to have approved more than 20 gigawatts of renewable energy projects, an eightfold increase from 2019, Dev Sanyal, BP’s executive vice president of gas and low-carbon energy, said in an online presentation on Tuesday."

How it works: Their piece and this Greentech Media story note BP sees returns of 8%–10% on renewables projects, far above the typical amount.

  • Per Greentech, BP CEO Bernard Looney sees four reasons why they can push up returns.
  • "Those factors are BP's projects and operations experience, its power trading capabilities, its ability to eke out better operational efficiency, and its financing capabilities," they report.

Go deeper

Ben Geman, author of Generate
Nov 25, 2020 - Energy & Environment

Powerful lobbying groups push back on climate suits

Powerful lobbying groups are throwing their support behind oil companies' efforts to keep climate-related lawsuits against the industry out of state courts.

Driving the news: The U.S. Chamber of Commerce and National Association of Manufacturers, among others, filed amicus briefs this week supporting Big Oil companies in a pending jurisdictional case before the Supreme Court.

Using apps to prevent deadly police encounters

Illustration: Sarah Grillo/Axios

Mobile phone apps are evolving in ways that can stop rather than simply document deadly police encounters with people of color — including notifying family and lawyers about potential violations in real time.

Why it matters: As states and cities face pressure to reform excessive force policies, apps that monitor police are becoming more interactive, gathering evidence against rogue officers as well as posting social media videos to shame the agencies.

Dan Primack, author of Pro Rata
11 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.