A major objective in the gas and oil industry is to divest all assets that are related to fossil fuels and avert attention toward renewable energy sources.
Currently, global leaders are setting targets to abolish fossil fuels, but there is a huge gap in the market that needs to be filled by the leading providers of energy.
BP is an organization that is on the path to net-zero emissions, and they've purchased a 40.5% stake in a project to create a renewable energy hub. BP's investment will be going towards a renewable energy project in Pilbara, Australia.
"Areh is set to be one of the largest renewable and green hydrogen energy hubs in the world and can make a significant contribution to Australia and the wider Asia Pacific region's energy transition," says Anja-Isabel Dotzenrath, BP's Executive Vice President of Gas and Low Carbon Energy
The project will be expected to be a massive triumph for renewable energy generation as the company works with multiple stakeholders such as InterContinental Energy holding (26.4%), CWP Global (17.8%), and Macquarie (15.3%)—on the project.
"It truly reflects what integrated energy is – combining solar and onshore wind power with hydrogen production and using it to help transform sectors and regions. It also reflects our belief that Australia has the potential to be a powerhouse in the global energy transition, benefiting from both its existing infrastructure and abundant renewable energy resources," says Dotzenrath.