Oil Giant BP Rapidly Leaves Green Business
BP, one of the world’s largest oil companies, has publicly stated on several occasions that it will invest much of its profits in alternative energies, particularly wind and solar energy. Suddenly, management has changed its mind and partially withdrawn from these sectors. It may be that the oil business is just so good there is no reason to pay attention to anything else.
According to the FT, “BP has put bp Wind Energy, its onshore wind business in the US, estimated to be worth $2bn, up for sale as it trims its renewables business and sells off underperforming assets. The UK-listed oil major said it would sell the nine wind farms it owns outright and its share in a tenth in Hawaii in order to focus on Lightsource bp, the solar energy business it is in the process of buying.”
Leaving Oil And Gas
Underperforming is a question of goals. No one expects alternative energy to be as profitable as oil and to be the goal overnight. The infrastructure for oil and coal extraction has been in place for decades. Alternative energy enterprises can be risky. Some wind farms have suffered failures and damages. The idea was that oil companies would finance alternative energy long-term and do so, in part, to improve the environment.
BP is not the only oil company that appears to have decided that fossil fuels have a long-term future and a better return on investment than an investment in the environment’s future. Exxon’s CEO recently indicated that the oil business would be solid, at least for several decades.
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