Jun 15, 2022
BP takes 40% stake in vast $30bn Australian renewables project
BP has made one of its biggest renewable energy bets yet, acquiring the largest stake in a vast solar, wind and green hydrogen project in Western Australia that will cost more than $30bn to develop. Despite the attraction of using solar power from Australia's vast hot interior to turn water into zero-carbon hydrogen for export, the costly technology required to produce green hydrogen is still being refined and support from the Australian government has been limited. The International Energy Agency's net zero 2050 pathway requires the production of low-carbon hydrogen to grow to 150mn tonnes a year by 2030 and to 520mn tonnes a year by 2050, when it says 60 per cent will be green hydrogen. In addition to exporting green hydrogen to East Asia, the site in Western Australia hopes to supply renewable power to mining projects in the region, which include vast iron ore mines run by Rio Tinto and BHP Billiton. Green hydrogen Made by using clean electricity from renewable energy technologies to electrolyse water, separating the hydrogen atom within it from its molecular twin oxygen.
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