BP Australia chief Frederic Baudry says a local version of the US’s Inflation Reduction Act is vital to realise the country’s huge potential in clean energy.
, and its electric vehicle charging venture BP Pulse, which opened its first charging stations in Australia last month as part of its global target for 100,000 charge points by 2030.
BP is already investing heavily in blue and green hydrogen and offshore wind in the UK, one of its other two regions for transition investments, while the US is the third key area, thanks to the IRA. The group is also “extremely active” in the Middle East, and has a big and growing business in Germany.
“We cannot proceed with investments in energy transition in Australia that are not economic – our investors will not support that.”
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