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Other news/comments17/09/2020

Name change to highlight development in renewables


Following the general assembly, Dietswell takes the name of the renewables division to become Dolfines. The renewables division is now Dolfines New Energies. This highlights the company’s activities in offshore wind, which benefit from a positive momentum.

Coincidentally, the name change came the same week as BP’s annual energy outlook. The outlook, which departs strongly from previous year’s, supported management in shifting its strategy. The major now intends to redeploy a large part of its capital into low carbon activities. BP plans for a reduction of 40% of its hydrocarbons production by 2030 and a ten-fold increase in low carbon investments ($5bn by 2025). It does so as it bets on a rapid energy transition, where total investments in renewables (wind and solar) will increase from $300bn p.a. to c. $450bn p.a. by 2025 and above $600bn p.a. by 2035. BP sees renewables capacity increasing by 12% CAGR over the next decade. While this is BP’s second take at going beyond petroleum, it appears more genuine this time, as proven by BP’s $1.1bn investment in an offshore wind JV with Equinor. Time will tell if such a rapid transition is in place, but the recent updates on EU climate targets surely point towards this direction.