bp has bought a 40.5 % equity stake in the Asian Renewable Energy Hub ( AREH ), which has the potential to be one of the largest renewables and green hydrogen hubs in the world . The oil major has been operating in Australia for over 100 years .
2022
Australia government invests AD $ 70mn at Kwinana
In April 2022 , the Australian Government announced up to AU $ 70mn funding for a green hydrogen hub at bp ’ s Kwinana site in Western Australia .
2022
bp buys 40.5 % stake
As of 1 July 2022 , bp controls a 40.5 % stake in and is operating the AREH project . The multi-billion-dollar investment will produce around 1.6mn tonnes of green hydrogen at full capacity .
2050
bp targets net zero
bp has set an ambition to become a net-zero company “ by 2050 or sooner ”.
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