BP to infuse £1b in British EV charging

Oil major BP PLC said on Friday it plans to invest 1 billion pounds ($1.32 billion) in electric vehicle charging in the United Kingdom over the next decade, to meet the country’s growing demand for greener power. The company, which has sought to shift away from oil and expand operations in power markets and around electric vehicles, said in January its fast electric vehicle chargers were on the cusp of becoming more profitable than filling up a petrol car.

The group said the investment, to be made through its EV charging business BP pulse, would help triple the number of public charging points in its UK network. “I am delighted that BP pulse is supporting the transition to cleaner vehicles as we accelerate towards our net-zero ambitions and boost green jobs opportunities right across the UK,” British Transport Minister Grant Shapps said in a statement. BP said last month it intends to halve its operational emissions by 2030, compared with a previous target of reducing it by 30-35%, as it aims to accelerate its goal of reaching netzero emissions by 2050.

The group had also reported that its 2021 profit hit the highest level in eight years lifted by soaring gas and oil prices. In December 2021, BP said it had bought US electric vehicle charging provider AMPLY Power for an undisclosed sum, stepping up efforts to cut emissions and focus on cleaner energy. BP said it aims to double earnings from its global convenience and mobility businesses by 2030 and grow its global network of EV charging points by over six-fold to 70,000 during the same period.