And this could be a good move for Ukraine and the environment.
Background: BP aka British Petroleum Company is a global oil and gas company founded back in 1909. It's now got around 19,000 service stations worldwide.
What happened: In Russia, BP owns a 19.75% stake in Rosneft, the world's largest publicly traded oil and gas company by hydrocarbon reserves and production (try saying that sentence 10 times).
What else: After Russia's invasion of Ukraine, BP ain't Rosneft's biggest fan, so it's exiting its near-20% stake in the company. It'll cost them around $35 billion at the end of the first quarter, but they reckon it fits with their decarbonisation plans anyway.
💡The war between Russia and Ukraine could be a catalyst for the world's shift to renewable energy.
💡Russia is one of the world's largest energy exporters. It's the leading exporter of gas, the second-largest exporter of crude oil and the third-largest coal exporter. In fact, around 40% of the EU's gas comes from Russia.
💡Now, European countries are exploring ways to accelerate the shift towards renewable energy. And in the meantime...reduce its reliance on Russian gas.
Sign up for Flux and join 100,000 members of the Flux family
