on the news, and analysts, on the whole, have responded positively to the company's steep dividend cut in light of the new strategy.
But until now, BP revealed few details on how it planned to achieve the target, and what the pandemic might mean for its ambitions. Earlier this year, the companyBusiness Insider compiled six key slides from Tuesday's investor presentation that spell out the company's new strategy. BP's strategy is based on the idea that renewable energy and electric cars will dominate in the years to come as demand for oil and gas wanes.
"Changes in mobility patterns will also impact convenience, redefining the role of physical stores and supporting the growth of the last-mile delivery," she said. BP will deploy 50 gigawatts of renewable energy by 2030, while also investing in hydrogen and bioenergy.BP is ramping up investment in renewable energy, from about $500 million last year to $5 billion per year by 2030. At that time, the company said it will have deployed 50 gigawatts of wind and solar power, up from 2.
For scale, 90% of the people living in the UK and Germany live within 20 minutes of a BP gas station, Looney said. The company isn't pivoting away from fossil fuels altogether, but it has pledged to lower the emissions that those fuels produce.
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