Investigating weak signal of risk impacts on diversification to renewable energy

: the case of British petroleum

Abstract

Investigating weak signals of risk impacts on renewable energy diversification is critical in British petroleum projects and the renewable energy transition process. This research relates to the anticipated threats and risks in the ongoing British petroleum transition. With the recent shift in global energy supply to electric and other renewable energy sources, the impact of CO2 emissions on the environment has received a lot of attention. This study investigates macro-environmental factors, with a focus on macroeconomic factors, that are affecting BP as they transition to renewable energy sources. This study also discusses the impact and potential risk impacts on BP, as well as how the company is managing their transition process considering the anticipated threats and risks. The research was carried out through the distribution of semi-structured questionnaires, interviews with BP senior staff members working in the renewable energy, investment, and risk management sections, as well as the distribution of BP press releases and annual reports from 2018 to 2020. The key findings were examined in detail. This demonstrates that risk management, mitigation, and control are part of the organisational culture, bolstering BP's global integration with other oil and gas companies, as well as logistics providers, in the ongoing transition to renewable energy. Another key finding indicated that BP's collaboration and interdependence with the key players in the ongoing transition will aid in keeping the organisation strategically fit in the competitive energy sector market. The implication is that BP will need to rely on more collaborative efforts to sustain a diverse portfolio of renewable energy sources and innovations. Because oil and gas will continue to play a role in the energy mix for many years, the company has remained strategic in its commitment to reduce GHG emissions and CO2 emissions in their general operations.

Date of Award	30 Jun 2022
Original language	English
Awarding Institution	Abertay University
Supervisor	James Moir (Supervisor) & Muhammad Akram (Supervisor)