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industry & Government news

BP TO DEVOTE HALF OF ITS BUDGET

TO WIND AND HYDROGEN BY 2030

BP IS TARGETING A 50 PER CENT CUT TO
OPERATIONAL EMISSIONS BY 2030

BP WILL RAMP up spending on green Lansdown, cautioned that while BP’s the fourth quarter of last year when gas
energy after raking in its highest profits aggressive clean energy plans could be prices rocketed to record levels thanks to
for eight years in the wake of the oil and a “huge advantage”, they also risked low stockpiles, a slowdown in deliveries
gas price boom. becoming “somewhat of a money pit” if from Russia and surging demand.
The FTSE 100 petro-giant aims to it failed to get its transition right. The figure marked a sharp
spend 40 per cent of its budget on The accelerated push for green energy rebound from 2020, when lockdowns
renewables such as wind power and came as BP posted profits of £9.5 billion caused fuel demand to plunge and
hydrogen by 2025, and 50 per cent by for 2021, triggering fresh calls for a sent BP tumbling to an annual loss
2030, reports This is Money. windfall tax on oil and gas giants after of £4.2 billion.
It also targeted a 50 per cent cut to Shell reported £14 billion of profits. The company also unveiled plans to
emissions from its operations by the But BP Chief Executive Bernard return an extra £1.1 billion to investors
end of the decade, an increase on the Looney said: “I don’t think a windfall tax through a share buyback, on top of a
previous target of 30-35 per cent. is going to incentivise people to invest.” previous £1.3 billion doled out in the
Laura Hoy, Analyst at Hargreaves Around £3 billion of BP’s haul came in fourth quarter.

NATIONAL GRID TO TRIAL DECARBONISATION DEVICE FOR ITS GAS NETWORK

NATIONAL GRID WILL trial a device methane into its atoms, carbon When run through the device, natural
that promises to support the gas grid graphene and hydrogen. gas is replaced with a hydrogen-methane
and increase the amount of hydrogen The project is expected to allow mix with no loss of energy, while
flowing in the UK’s gas network. National Grid to boost parts of its minimising the combustion carbon
The offering, named LOOP, uses gas networks by using graphene as a dioxide potential of the gas by removing
plasma technology to separate corrosion-resistant internal coating. carbon in the form of graphene.

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