Oil and gas giant BP is ramping up their venture capital arm for green technology startups.

‍What’s happening:‍

• The venture arm of oil giant BP has recently publicly stated that they will focus almost exclusively on funding green technology startups moving forward through their venture capital arm
  
• The areas of opportunity that BP Ventures will look to fund include electric vehicles, bioenergy, hydrogen and renewable energy
  

By the numbers:‍

• BP Ventures has invested roughly $1B since its inception
  
• This year BP Ventures claims they will deploy approximately $200M into new startup investments
  

Going deeper:‍

• BP Ventures has backed a variety of notable startups building in climate technology, including leading the $12.5M Series A round for green hydrogen company Advanced Ionics
  

The fine print:‍

• BP is currently an enormous emitter of carbon, being directly responsible for approximately 340 million tonnes of CO2 last year alone
  
• To put BP’s emissions into perspective, the entire country of France was responsible for 330 million tonnes of CO2 last year

‍