BP sadly put its US wind power business up for sale recently, this adds to the list of other renewable energy projects the company has invested in over the years which have been sold to the highest bidder.
Wind power has been one of BP's biggest renewable energy earners, and the wind company itself is already one of the biggest in the US. It operates 2600 megawatts in nine states and has been growing rapidly with its recent wind farm acquisition as recent at last year.
Bob Dudley, BP's chief executive, said the company would be focusing more heavily on natural gas. Natural gas whilst still being a fossil fuel produces only minimal greenhouse emissions unlike its counterparts. Because of this fossil fuels are being seen as the next big solution in our bid to create sustainable environmentally friendly energy sources. Many see natural gas becoming more and more popular over the coming decades.
BP is not alone in its gradual but sure withdrawal from renewable energy, Royal Dutch Shell withdrew from renewable energy ventures in 2009 favoring their more lucrative core business.
The wind plants at BP are not the first to go and even with government tax credits they have also pulled out of the solar industry and more recently dropped investments in carbon capture and storage.
Governments need to step up their support and backing of renewable energy sources with greater benefits for companies supporting and developing the industry, and not just over the short term but greater benefits for medium to long term investment.