BP, a long-time leader of the global oil and gas market, has announced plans to invest in clean energy development after reporting a $16.8 billion loss in the last quarter, reports the New York Times. Bernard Looney, the chief executive, intends for BP in a decade to be investing around $5 billion a year in clean energy sources like wind, solar and hydrogen, a clean-burning gas.
The surprising moves have been praised by industry experts who say that oil and gas companies must adapt to the changing energy landscape. “The value of their traditional oil and gas assets, as well as their relevance in the energy world, could be diminished over time,” said Jennifer C. Rowland, an analyst at Edward Jones, a securities broker.