BP will invest £1 billion between now and the end of the decade to triple the number of electric vehicle charging points in its UK network. The energy giant had committed to doubling its current charging network from about 8000 to 16,000 points by 2030 but that target has now been raised to 24,000.

BP’s charging points network is run by its Pulse brand, which was formerly known as Chargemaster, a company acquired by the oil and gas major in 2018.

The creation of an extensive network of charging points across the UK is a major strategic priority for the UK. The government has promised to halt the sale of new petrol and diesel vehicles in the United Kingdom by 2030 but being able to do so means that the electric vehicles that replace them can rely on a well-developed charging network. Worries about the extent of the charging network and being caught with a flat battery is one of the biggest bottlenecks to convincing motorists to take the plunge and go electric when purchasing a new vehicle.

The UK government’s strategy to building the network of charging points the country will need in the coming years is focused on encouraging private enterprise to invest in the infrastructure. BP’s announcement is expected to be followed by a number of other private sector commitments. The £1 billion figure put on the investment comes from the Financial Times report on the development with BP itself declining to comment on the exact sum it expects to have to commit.

Developing its electric vehicle charging capacity is reportedly seen by BP as a central element of its strategic transformation from fossil fuels to becoming a low-carbon energy company. However, the company is relying on revenues still being generated by oil and gas sales to fund the transformation.

Fossil fuel revenues are still very much going strong with higher oil and gas prices over the past year helping BP to huge underlying annual profits of $12.8 billion last year. With oil and gas prices driven even higher since Russia invaded Ukraine in late February, those bumper profits are likely to be repeated, if not extended this year. However, the clock is ticking with BP pledging to reduce its carbon footprint to net zero by 2050.

In 2020 BP said it planned to increase its global network of EV charging points from 7500 to 70,000 by 2030. Last month that target was increased to 100,000 with 13,100 already in operation.

The company is also investing heavily in offshore wind and has made big investments in the rights to develop projects in the North and Irish Seas as well as off the coast of the USA. BP also announced yesterday that it is to invest in Japan’s offshore wind market through a partnership with the Japanese company Marubeni. It has acquired a 49% stake in an offshore project for an undisclosed sum estimated as in the region of tens of million of dollars.

Commenting on the deal, BP’s new executive vice-president for gas and low carbon energy, Anja-Isabel Dotzenrath, said:

 “Combining our international energy expertise and technical capabilities with Marubeni’s track record of wind and energy development and first-class regional relationships, we can together build important new clean energy resources for Japan and Asia.”