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Big Oil Wants In On Green Tech Startups

October 30, 2023
x min read
Big Oil Wants In On Green Tech Startups

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:

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

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