BP plc (BP Quick QuoteBP - Free Report) has set a target of building 50 gigawatt (GW) of global renewable energy projects by 2030. To achieve this, the British energy giant is planning organic growth and infill acquisitions of early stage projects, per Dev Sanyal, the company’s Executive VP of gas and low carbon energy.

As of 2019-end, the integrated energy major had 2.5 GW of energy generation capacity from renewables. The company has a development pipeline of roughly 20 GW of renewable projects, of which 83% will be solar energy, while the remaining 15% and 2% will be wind energy and biopower, respectively. Importantly, of the 20 GW of renewable projects that are in the pipeline, 9 GW will be in the United States, while 7 GW will be in Europe.

Sanyal added that majority of the power will be generated from solar energy since solar projects can be brought online with 18 to 24 months of planning.

BP believes that oil consumption will never return to the pre-coronavirus mark. In fact, the company plans to lower oil and gas output by 40% over the next 10 years while investing as much as $5 billion a year in renewables. Importantly, BP targets to become a net-zero emissions company by 2050.

Royal Dutch Shell plc is another key energy firm planning to reach net-zero emission by 2050. The company intends to slash the carbon intensity of its products by roughly 30% by 2035. By 2050, the company plans to lower the carbon footprint by 65%. Among other energy majors with strong focus on renewables are Equinor ASA (EQNR Quick QuoteEQNR - Free Report) and Eni SpA (E Quick QuoteE - Free Report) .

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