Solar and wind power will be the primary source for new electricity generation out to 2050

Renewable energy is the world’s fastest growing energy source and essential to getting the world to net zero

According to the US Energy Information Agency renewables will be the “primary source for new electricity generation” out to 2050.

Rapidly growing our renewables business is core to our strategy: by 2030, we aim to have developed around 50GW of net renewable generating capacity globally, up from 3.3GW in 2021. And it takes well-designed policy at the federal and state levels to get there.

Wind

bp’s large and growing US wind energy business provides clean power, while developing and deploying new technologies to deliver that energy more efficiently.

With more than 10 years’ experience in onshore wind energy in the US, we’re now building our offshore wind business, leveraging our technical capability and partnering with others to deliver major wind projects offshore.

The Empire and Beacon Wind projects through our partnership with Equinor will generate up to 4.4 GW when fully developed – that’s enough electricity to power more than 2 million homes.

And with the finalization of Purchase Sale Agreements with New York state and plans to develop an offshore wind hub, our projects are set to support thousands of jobs in the region.

It will take smart policies – like those that expand US transmission infrastructure and clarify siting and permitting – to accelerate US wind growth. We’re engaging with federal and local stakeholders to make this happen.

Solar

Solar energy represents America’s fastest-growing power source, accounting for more than 40% of all new electricity generating capacity. Analysts have projected that total US solar capacity will quadruple over the next 10 years.

We’re advancing solar energy projects across the United States through our 50-50 joint venture with Lightsource bp and through bp solely owned projects following the acquisition of projects from 7X Energy.

Renewables are a critical part to getting to net zero and we’re advocating for policies like clean energy tax credits to scale up solar projects in the US.