Analyzing BP’s growth strategy: How the British energy major is navigating the transition to cleaner energy

BP — one of the world’s largest energy corporations — is facing mounting pressure from investors and regulators to decarbonize.

In response, BP has committed to reaching net-zero emissions by 2050. While it recently rolled back some of its end-of-decade emission reduction targets and shared it would invest up to $8B in oil and gas projects by the same year, it also reaffirmed its net-zero pledge and stated that it would allocate up to $8B in additional capital for its greener segments, like biogas.

To this end, BP is moving further into energy spaces adjacent to oil and gas. It maintains a strong focus on technologies integral to supporting a greener infrastructure that runs on renewable energy, like electric vehicle (EV) charging and grid & utility tech. To establish a foothold in these growing markets, BP is acquiring companies, establishing partnerships to explore tech, and investing in innovative startups. 

Using CB Insights data, we uncovered the 5 most important strategic priorities highlighted by BP’s recent acquisitions, investments, partnerships, and joint ventures since the beginning of 2020. We then categorized companies by their business relationships with BP across these priorities:

• • Decarbonization tech
  • Electric vehicle tech
  • Grid & utility tech 
  • Oil & gas tech
  • Renewable energy tech 

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