BP will reduce fossil product output and invest heavily in low-carbon development

According to foreign media reports, British Petroleum (BP) said that by 2030, it will increase its low-carbon funding by US$5 billion annually to increase its renewable energy power generation capacity to 50,000 megawatts, while increasing its oil and natural gas production. A 40% reduction in 2019.

Reuters learned from British Petroleum that the low-carbon businesses invested and developed this time include renewable energy, biomass energy, and early hydropower and carbon capture and storage technologies.

BP said that by 2030, the company's oil and gas production is expected to decrease by at least 1 million barrels of oil equivalent, a 40% drop from 2019 levels. Also, the company said that by 2030, it will stop oil and gas exploration in new areas.

On August 4, BP announced its quarterly financial report, showing that in the second quarter of this year, the company had a net loss of $16.8 billion and announced that it would cut its dividend by one-half, which was the first dividend cut in 10 years.

BP said that the second-quarter results included a one-time expenditure of 10.9 billion U.S. dollars, mainly due to the plunge in oil prices, and the value of multiple projects was written down.

After deducting one-time items, the company's basic replacement cost loss in the second quarter was US$6.7 billion, compared with a profit of US$2.8 billion in the same period last year.