<
https://reneweconomy.com.au/oil-giant-bp-walks-away-from-55-billion-wind-solar-and-hydrogen-hub-in-pilbara/>
"Oil giant BP has continued its dramatic retreat from green energy projects
around the world, announcing it will quit its majority and controlling stake in
a proposed $55 billion renewable and green hydrogen project in the Pilbara
region of Western Australia.
BP has advised its partners in the Australian Renewable Energy Hub, originally
conceived as a monster 26 gigawatt wind and solar project that would produce
green hydrogen and ammonia for the domestic and export markets, that it no
longer fits with its global strategy.
“This decision reflects BP’s recent strategy reset, which will see BP grow its
upstream oil and gas business, focus its downstream business, and invest with
increasing discipline into the transition,” a spokesperson said in a media
statement.
The move is not surprising given that earlier this year, as
Renew Economy
reported at the time, BP slashed its spend on “low carbon energy” from a
planned $US30 billion out to 2030, to around $4 billion, and redirected
investment to fossil fuels, which it says are its “highest return
opportunities.”
It flagged at the time an exit from onshore wind, and a culling of major
hydrogen and carbon capture and storage (CCS) from around 30 projects to
between just five and seven “prioritised projects”. None of which appeared to
be in Australia, although BP Australia insisted at the time that it wasn’t
walking away."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
