Investigating weak signal of risk impacts on diversification to renewable energy: the case of British Petroleum

In British Petroleum projects and the renewable energy transition, it is crucial to investigate weak signals of risk consequences on renewable energy diversification. This research work focuses on the projected dangers and risks associated with the ongoing British petroleum transition. With the recent shift in global energy supply to electric and other renewable energy sources, the environmental impact of CO2 emissions has gained considerable attention.

This study explores the macroeconomic and macro-environmental elements that are influencing BP's transition to renewable energy sources. It also examines the impact and prospective risk impacts on BP, as well as how the firm manages its transition process in light of expected threats and hazards. The research was conducted by distributing an online semi-structured questionnaires, conducting interviews with BP senior staff members working in the renewable energy, investment, and risk management departments, and distributing news releases and annual reports from 2018 to 2020.

Data were collected and interpreted in accordance with the case context's objectives, which were to assess the risk and potential impacts of the macro-environmental risk factors on BP and to investigate the weak signals within the macro-environmental factors, with a focus on the macroeconomic risk factors and their potential impacts.

The collected data is based on the responses of individuals who submitted non-sensitive data in response to study inquiries. These data from the questionnaire, interview, yearly reports, and BP's press release answered issues regarding the transition/diversification process and strategic partnerships for improved investment at BP.

The retrieved data also covered the volatility of oil prices and the affordability of renewable energy sources, which are designed to replace oil and gas in order to minimize greenhouse gas emissions. This included BP's risk management culture and how the company combats climate change by reducing CO2 emissions across its whole operation. In addition, details on BP's customer satisfaction strategy, demand, and supply of renewable energy products for its clients were supplied.

There were ten survey respondents and two telephone interviews but the research goals and objectives were satisfied using a mixed-methods approach to data gathering.