British oil and gas group BP has announced that it will reduce its investments in renewable energy “significantly for the rest of the decade”.
The announcement comes after the company announced earlier in the day that it is establishing a joint venture with Japanese energy company JERA to combine the two companies’ offshore wind activities.
With the joint venture JERA Nex bp, BP is at the table of the Leuven Parkwind, which participates in four operational wind farms off the Belgian coast. The Colruyt Group sold Parkwind’s offshore wind energy activities to JERA last year.
By 2030, BP and JERA want to invest up to $5.8 billion in the construction and operation of offshore wind farms. The joint venture starts with an operational capacity of more than 1 gigawatt. Initially, the company says it will focus on existing projects in Northwestern Europe, Australia and Japan.
BP already postponed its sustainable ambitions last year. It adjusted its environmental goals and decided to become CO2 neutral later than announced. The oil company started investing more in new oil and gas extraction, but then also said it would invest more in clean energy projects.