China's Trina Solar is thinking about getting into the Green Hydrogen electrolyzer business in India. Meanwhile, Bharat Petroleum is aggressively exploring partnerships for offshore wind projects in Japan, as well as investing in hydrogen technology startups.
The move is part of BP's strategic change towards long-term sustainability in the face of renewables sector issues including inflation and equipment delays. BP and its renewable partner Equinor have both suffered financial setbacks, with BP criticizing the "fundamentally broken" offshore wind business in the United States. BP's renewables business head, Anja-Isabel Dotzenrath, highlights the global need to cut costs, investigating methods such as optimized purchasing and future supply chain investments.
BP is targeting gigawatt clusters in the offshore sector, notably in Japan, where local alliances are critical for success. Dotzenrath recognizes the importance of Japanese partners navigating permitting processes. Furthermore, BP intends to make significant investments in renewables, hydrogen, biofuels, and electric mobility between 2023 and 2030, accounting for up to $65 billion of the company's decade-end commitments. This represents a big shift, as renewables are expected to account for 30% of BP's spending in 2022. The commitment of the corporation mirrors a larger industry trend towards sustainable energy solutions.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
