BPannounced an investment in the Asian Renewable Energy Hub, buying a 40.5% stake in the massive renewable and green hydrogen project in Australia. The hub is projected to develop up to 26 gigawatts of combined solar and wind, as well as provide capacity to develop 1.6 million metric tons of green hydrogen per year.
石油和天然氣巨頭們必須Energ細節y Transition Activities
Investment, such as the one BP is making in the Asian Renewable Energy Hub, represent steps forward by the industry’s supermajors. Yet, the details associated with these types of deals will be tracked and reported on intently by outside parties.
Industrial companies continue to grapple with growing scrutiny by the public, governments, and investors to improve their environmental stewardship and manage risk associated with environmental, social, and governance (ESG) requirements. The oil and gas sector is under intense pressure to demonstrate improved environmental stewardship, given the marked increase in catastrophic weather events and connection of carbon emissions to climate change. This pressure continues to intensify, pushed most recently by the impact of geopolitical instability on energy supply coupled with record profits by oil and gas producers.
Across the board, industrial companies are also operating in markets where more dollars continue to flow into ESG-related funds and portfolios. Investment groups are pushing companies to report climate-related financial information, given the risk investors see that climate change presents to global economic stability. At the same time, these investment firms and other regulatory and governmental entities are embracing digital transformation tools like artificial intelligence to apply machine learning to uncover greenwashing, the intentional misleading of a company’s environmental performance. In combination, these efforts are compelling companies across industrial market to be more open and transparent in detailing the steps they are taking to improve their ESG responsibility in ways that ensure net-positive business performance.