We have a single aim – to identify and grow low-carbon businesses in which we have core skills and advantages and which can offer a material contribution to – and strategic fit with – the growth agenda of BP. BP Alternative Energy may be focused on the newest forms of fuel and power, but it draws on the traditional strengths that BP has built up over a century of finding, producing and delivering energy to its customers.
We believe renewable and alternative energy will make up an increasing share of the mix – the current renewables share of world primary energy is projected to more than triple by 2030. This is why BP launched its Alternative Energy business six years ago. In that time, we have invested around $7 billion, created several new enterprises from scratch and learned much about what it takes to develop and establish a new generation of low-carbon businesses.
We are building a material business to produce biofuels in Brazil, the US and the UK and are one of the largest wind developers in the US with 13 wind farms. We continue to develop long-term value for BP, by developing sustainable energy solutions spanning three broad areas: bio-energy, electrification and carbon solutions.
Lower-carbon resources are the fastest growing sector in the energy market, and BP intends to develop its portfolio in step with this growth.