Four years after boldly announcing its industry-leading plans to go green, British Petroleum has looked to more oil and gas after investor backlash and energy security woes crushed the energy giant’s dreams.
BP's dramatic shift: What its renewed focus on oil and gas says about lofty renewable goals as 2030 green energy targets loom
But Mr Looney’s eyes were too big for his stomach and BP’s 2030 target was reduced to 25 per cent in February 2023 as it cut projected annual renewables spending projections. And the government’s own ambitious plan to have an energy mix of 82 per cent renewables by 2030, which it currently lags behind, is also up in the air.BP’s move to scale back renewables output after making a bold pledge is not unusual for an energy company.
“The markets and returns are different, the investment timeframes and risks are very different, even the types of people wanting to work in each sector are often quite different,” he said. Mr Morrison drew a parallel between BP's renewable downturn and the shift away from green hydrogen in Australia. Picture: Centre for Independent Studies
BP’s shift away from green energy, however, may tarnish the energy giant’s financial sitting down the track. But Nationals Senator Matt Canavan said the company’s stronger investment in oil and gas was greatly needed for consumers around the globe. Australia’s energy mix in 2023 included 39.4 per cent renewables, with wind topping the list, followed by rooftop solar , medium and large scale-solar , hydro and bioenergy .
Complex regulatory and planning processes are stiffening the renewables roll-out, particularly in NSW where the approval process for large-scale renewable projects are two-to-three-times longer and 25-times more expensive than in Queensland, according to A six-and-a-half year battle between the developer Engie and locals over the installation of more than 60 turbines came to an end last month after the $833 million project was finally given the green light by the NSW Independent Planning Commission.
The Australian Energy Market Operator in August said the nation’s renewable transition would provide reliable power if it was delivered “on time and in full” over the next 10 years. In the private sector, Wilson Asset Management Leaders portfolio manager John Ayoub casted doubt on Labor’s green timeline, stressing the need for fossil fuels while arguing the energy transition would take"much longer to play out and cost significantly more” than planned.
“Renewable generation has increased by 25 per cent in the national grid since we came to office – our Reliable Renewables plan is the only plan supported by experts to deliver the clean, cheap, reliable and resilient energy system that Australians deserve and the secure jobs our energy communities need.”
Chris Bowen Ted O'brien Fortescue BP
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