Advocating Clean Energy
Clean Energy’s so important even BP can resist it no longer. BP’s board has decided to buy into the offshore wind market, by partnering a Nowegian firm (Equinor) to develop offshore wind farms in the United States. BP will pay $1.1 billion for a 50 percent interest in Equinor’s two projects, on the east and west coasts. A research firm (BloombergNEF) reckons offshore wind will grow six-fold globally in the next 10 years.
BP’s CEO (Bernard Looney) referred to the decision as a "pivot strategy” in "our aim of rapidly scaling up our renewable energy capacity, and in doing so help deliver the energy the world wants and needs.”
Accepting I may be inaccurate; my own opinion is BP spent years dismissive of clean energy; and now caught-out by the upwelling of clean energy’s popularity, it’s attempting 'greenwash’.
How much more trustworthy BP would be, I reckon, had its board the humility to acknowledge its paucity of ethics, social responsibility, and good governance which lured it all these years, to chase petroleum profit for as long as possible, at the expense of the world’s bigger priorities.
In Dexterity’s portfolio of thematic and ESG funds, Clean Energy has been a core holding since 2008. It’s now the star of the dozen funds, and I commend it to you.