bp targets double-digit return from hydrogen after announcing record profits

Oil and gas giant bp has today (February 7) said it will invest up to $8bn more into transition growth engines by 2030, including hydrogen and renewables, upon announcing record profits of $27.7bn in 2022, doubling from the year previous.

The announcement comes just days after Shell reported 2022 profits of $39.9bn, more than double that of the $19.3bn it posted in 2021.

The planned investment comes after bp said it expects carbon emissions from its oil and gas production to fall between 20-30% by 2030, compared to 2019 levels, a reduction from its previous target of 35-40%.

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