BP UK Low-Carbon Spend

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BP has pledged to increase investment in the UK during the current decade and to allocate half of such spending to low-carbon energy solutions, as some Britons call for a windfall profits tax on North Sea oil and gas earnings. The UK major, which reported bumper first-quarter profits on Tuesday, outlined plans to invest up to £18 billion in the country's energy system by the end of 2030. Around 25% of the projected spending will be allocated to oil and gas projects, and 50% to low-carbon energy solutions, such as offshore wind, carbon capture and storage and hydrogen. The rest will be invested in convenience and mobility, including the rollout of electric vehicle charging, and other areas such as technology venturing, the spokesman said. "We’re backing Britain. It’s been our home for over 110 years, and we've been investing in North Sea oil and gas for more than 50 years," CEO Bernard Looney said.

Corporate Strategy , Policy and Regulation, Capital Spending, Emerging Technologies
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