{"id":574761,"date":"2020-09-21T04:02:46","date_gmt":"2020-09-21T04:02:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/"},"modified":"2020-09-21T04:02:46","modified_gmt":"2020-09-21T04:02:46","slug":"the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/","title":{"rendered":"The future of a sustainable energy market, as global giant BP sees it"},"content":{"rendered":"<p><strong>What do BP\u2019s plans tell us about the future of sustainable energy?<\/strong> For starters, fossil fuels will comprise a decreasing portion of the global energy mix, while renewable energy will account for an increasing share, buoyed by an increasing electrification of the energy system, BP said in its annual <a href=\"https:\/\/www.bp.com\/en\/global\/corporate\/energy-economics\/energy-outlook.html\">Energy Outlook<\/a> released last week. The energy outlook suggests that <strong>global demand for oil may have already peaked and that the fossil fuel industry is facing a terminal decline<\/strong>. With that in mind, BP is setting its sights on becoming an integrated energy company, as opposed to a hydrocarbon-focus player, with an eye to implement a resilient strategy \u201cweighted towards a rapid transition.\u201d<\/p>\n<p><strong>That\u2019s why BP is looking to become an integrated energy company by 2030<\/strong>, CEO Bernard Looney said in <a href=\"https:\/\/www.bp.com\/content\/dam\/bp\/business-sites\/en\/global\/corporate\/pdfs\/investors\/bpweek\/bpweek-cmd-intro-slides-and-script.pdf\">his opening speech (pdf)<\/a>. Among his goals: <strong>slashing its oil and gas production by 40%, increasing 20-fold its developed net renewable generating capacity<\/strong> to hit 50 GW, ramping up its investment in low carbon energy sources to USD 5 bn per annum, and reducing emissions from its low carbon and renewable energy activities by 30-40%.<\/p>\n<p><strong>How do you get to the other side? By focusing on three key areas of activity:<\/strong> Low carbon electricity and energy, convenience and mobility, and resilient and focused hydrocarbons. BP plans to invest in low carbon electricity and energy sources \u2014 an investment it anticipates will mature in the back half of the decade. These investments include leaning into wind and solar energy, as well as combining different sources of energy (such as solar with biopower or gas with renewables) to provide cleaner, yet affordable energy, said EVP of Production and Operations <a href=\"https:\/\/www.bp.com\/content\/dam\/bp\/business-sites\/en\/global\/corporate\/pdfs\/investors\/bpweek\/bp-week-low-carbon-electricity-and-energy-slides-script.pdf\">Gordon Birrell (pdf)<\/a>. Meanwhile, <strong>the company is \u201cin no rush\u201d to sell its hydrocarbon assets<\/strong>, Looney stressed, but is rather refocusing on resilient hydrocarbons. \u201cThis is not about turning off one tap and turning on a different one. This is about adjusting the flows.\u201d All of these activities, together, will help contribute to growing the company\u2019s cash flow over the next five years, Looney said.<\/p>\n<p><strong>Speaking of the financials: BP has laid out a strategy to continue delivering competitive EBITDA, growth in returns, and attractive upside to shareholders.<\/strong> The strategy rests on three key principles: Prioritizing its capital allocation, maintaining a strong investment grade credit rating and resilient balance sheet, and adopting a clear and disciplined approach to investments, according to CFO <a href=\"https:\/\/www.bp.com\/content\/dam\/bp\/business-sites\/en\/global\/corporate\/pdfs\/investors\/bpweek\/bpweek-financial-frame-slides-and-script.pdf\">Murray Auchincloss (pdf)<\/a>. As part of this strategy, BP is directing its capital allocations over the next five years to funding a resilient dividend, deleveraging its balance sheet to USD 35 bn net debt, and earmarking sufficient capital to push along its energy transition strategy. At a later phase, BP is also committing to share buybacks to return 60% or more of its surplus liquidity to shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What do BP\u2019s plans tell us about the future of sustainable energy? For starters, fossil fuels will comprise a decreasing portion of the global energy mix, while renewable energy will account for an increasing share, buoyed by an increasing electrification of the energy system, BP said in its annual Energy Outlook released last week. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":574762,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7279],"tags":[196,93,72,368],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spotlight","tag-bp","tag-energy","tag-enterpriseam","tag-sustainability","wpautop","entry"],"acf":{"mongo_id":"70c6b4c4-fe9f-423f-8dac-0e6151760c39","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/224.jpg","photo_position":"above","related_issue":[574743],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The future of a sustainable energy market, as global giant BP sees it - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The future of a sustainable energy market, as global giant BP sees it\" \/>\n<meta property=\"og:description\" content=\"What do BP\u2019s plans tell us about the future of sustainable energy? For starters, fossil fuels will comprise a decreasing portion of the global energy mix, while renewable energy will account for an increasing share, buoyed by an increasing electrification of the energy system, BP said in its annual Energy Outlook released last week. The [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-21T04:02:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/224.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The future of a sustainable energy market, as global giant BP sees it\",\"datePublished\":\"2020-09-21T04:02:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/\"},\"wordCount\":475,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/224.jpg?fit=%2C&ssl=1\",\"keywords\":[\"BP\",\"energy\",\"EnterpriseAM\",\"sustainability\"],\"articleSection\":[\"Spotlight\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/the-future-of-a-sustainable-energy-market-as-global-giant-bp-sees-it\/\",\"name\":\"The future of a sustainable energy market, as global giant BP sees it - 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for the foreseeable future despite decarbonization ambitions from governments and major energy firms, according to the CEO of oil giant (and major global polluter, according to Bloomberg\u2019s David Fickling and\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/135.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584310,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/bp-adnoc-team-up-on-bid-for-newmed\/","url_meta":{"origin":574761,"position":2},"title":"BP, Adnoc team up on bid for NewMed","author":"enterpriseam admin","date":"29 March 2023","format":false,"excerpt":"The energy giants want a slice of EastMed gas exports","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A 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Egypt\u2019s sunny climate, rising electricity prices, and a large number of \u201cbankable parties\u201d\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577606,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/bp-gets-two-new-mediterranean-gas-blocks\/","url_meta":{"origin":574761,"position":4},"title":"BP gets two new Mediterranean gas blocks","author":"enterpriseam admin","date":"29 November 2022","format":false,"excerpt":"BP has been awarded gas exploration rights in two offshore blocks in the Mediterranean Sea, the company said in a statement (pdf). The oil and gas giant has now been awarded four blocks so far this year, along with a block extension, \u201cwhich offer the potential for gas discoveries that\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/473.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555223,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/07\/big-global-players-eye-hydrogen-investment-in-egypt\/","url_meta":{"origin":574761,"position":5},"title":"Big global players eye hydrogen investment in Egypt","author":"enterpriseam admin","date":"7 November 2021","format":false,"excerpt":"Eni, General Electric and ThyssenKrupp have all bid to establish hydrogen plants in Egypt, the Arabic-language energy website Attaqa reports, citing what it says are sources familiar with the matter. The bids are worth a collective USD 2 bn and concern facilities that would produce both green and blue forms\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/348.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=574761"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574761\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574743"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574762"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574761"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574761"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}