BP Plans $11 Billion Clean Energy Investment In Germany By 2030

UK supermajor BP expects to invest up to $10.75 billion (10 billion euros) in low-carbon energy solutions in Germany by 2030 as it looks to accelerate EV charging and decarbonization of its refinery operations in Europe’s biggest economy, a senior BP executive has told Reuters.

BP plans to further expand its EV charging network in Germany, expand into offshore wind, decarbonize operations at its two refineries in the country, and consider a hub for importing low-carbon hydrogen, Patrick Wendeler, chairman of the board of the BP Europa SE, told Reuters.

Currently, BP offers 22,000 EV charging points and aims to have more than 100,000 worldwide by 2030. Germany, where BP’s e-mobility business operates under the Aral pulse brand, is a central pillar of the supermajor’s EV offering, with around 1,500 ultrafast charging points across the country today, the company says.

BP aims to have up to 20,000 EV charging points in Germany by the end of the decade, Wendeler told Reuters.

In January this year, BP said it would evaluate the feasibility of building a new hydrogen hub in Germany. The project, which would be located in Wilhelmshaven, is expected to include an ammonia cracker, which could provide up to 130,000 tons of low-carbon hydrogen from green ammonia, per year, beginning in 2028.

“This development would help create greater energy independence for our German customers across a range of low carbon energy products,” BP’s Wendeler said at the time.

More recently, BP and another supermajor, France’s TotalEnergies, scooped up in July acreage for developing offshore wind capacity in Germany, winning the bidding in a landmark offshore wind tender.

BP and TotalEnergies won all of the 7 GW capacity on offer. BP secured leases at two North Sea sites off the coast of Helgoland with total generating potential of about 4 GW, while TotalEnergies secured the other two sites.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

• Georgia Suspends Gasoline And Diesel Tax Amid Inflation Pain
• Hedge Fund Partner Blasts Oil Demand Decline Narrative
• Germany Passes Modified Fossil-Fuel Heating Law