The head of BP’s green energy business defended as “absolutely crucial” investments in renewables despite the lower returns on offer than elsewhere, amid claims that the group is under pressure from investors over the profits to be had in sectors such as wind and solar.
Anja-Isabel Dotzenrath said stakes in renewable capacity will be a “critical control point” for BP as it advances its ambitions in other areas of the energy transition, despite offering unlevered returns in the 6-8% range that are seen as below other areas of BP’s investments such as the 15% expected in bioenergy, convenience and EV charging, and ‘double digits’ in hydrogen – not to mention its booming oil & gas mainstay that is currently delivering...
