BP at start of costly road to switch to wind and solar power

BP to embark on costly venture to meet its target of becoming one of the world’s largest renewable power generators

BP will have to accept lower returns from what it gets from oil as it invests more in renewables.

BP will need to invest tens of billions over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world’s largest renewable power generators.

The oil and gas company wants 50 gigawatts (GW) of renewables such as wind, solar, and hydropower in its portfolio by 2030, up from just 2.5 GW now and more than the total renewable capacity in the UK at the moment.