BP is heading in different directions on two low-carbon technologies, pledging Monday to sell its onshore U.S. wind business and unveiling a partnership to help build high-speed electric vehicle charging stations.
The dueling plans come as major oil and gas companies have struggled to make returns on green energy but have seen their fossil fuel profits soar in recent years.
European majors, including BP and Shell, have started to walk away from some renewable power projects — especially in the United States, where similar projects have faced significant headwinds from supply chain constraints and inflation. William Lin, executive vice president for gas and low carbon energy at BP, said the company’s U.S. onshore wind assets are high quality but are “not aligned with our plans for growth.”
“So we believe the business is likely to be of greater value for another owner,” he said in a statement. “This planned divestment is part of our strategy of continuing to simplify our portfolio and focus on value.”
