BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway’s Equinor, a significant step by the oil firm towards its energy transition goals. The British oil and gas company has set itself a target of increasing its renewable power generation capacity 20 fold over the coming decade to 50 gigawatts (GW), a key pillar of its strategy to slash carbon emissions.. “This is an important early step in the delivery of our new strategy and our pivot to truly becoming an integrated energy company,” BP Chief Executive Bernard Looney said in a statement. European oil firms are under pressure from activists, banks, investors and some governments to shift away from fossil fuels and analysts say offshore wind farms are probably the quickest way for them to scale up. The deal with Equinor, which […]