Oil giant BP has announced it will develop renewable energy capacity to 50 gigawatts 20 times its 2019 capacity and increase investment in low-carbon energy by 10-fold to US$5 billion a year by 2030.

Releasing details of its plans to embark on a low-carbon path after pledging in February to achieve net zero by 2050, the company said on Tuesday (4 August) it would grow its hydrogen business and increase electric vehicle charging points from 7,500 to over 70,000 by 2030. It will also slash oil and gas production.

Analysts and activists welcomed the low-carbon plans and said the far-reaching effects of the COVID-19 pandemic and plunge in oil demand were contributing factors.

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