Energy

BP buys 40.5% stake in massive renewables and green hydrogen project

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A BP logo photographed in London on May 12, 2021. The International Energy Agency recently reported that 2021 saw energy-related carbon dioxide emissions rise to their highest level in history.

Glyn Kirk | Afp | Getty Images

Oil and gas supermajor BP has agreed to take a 40.5% equity stake in the Asian Renewable Energy Hub, a vast project planned for Australia set to span an area of 6,500 square kilometers.

In an announcement Wednesday, BP said it would become the operator of the development, adding that it had “the potential to be one of the largest renewables and green hydrogen hubs in the world.”

Located in the Pilbara region of Western Australia, it’s envisaged the project will develop…



Source cnbc.com

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