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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

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
Jul 20, 2020 - Energy & Environment
Column / Harder Line

Biden's climate plan tries to bring unions into clean energy

Photo illustration: Aïda Amer/Axios. Photo: Brendan Smialowski/AFP via Getty Images

Joe Biden’s latest climate change and clean energy plan mentions the word union more than it does the climate itself.

Why it matters: Wind and solar energy have grown immensely across America over the last decade, but associated union jobs have not. The Democrats’ presumptive presidential nominee is trying to change that, which politicians and others say is key to tackling climate change.

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.