BP is transitioning towards renewable energy by forming a 50-50 joint-venture with Japan's Jera, combining their offshore wind assets in a $4.5 billion deal.
The move to build offshore windfarms comes amid pressures from shareholders for BP to diversify away from fossil fuels, despite inherent challenges in that transition.
The International Energy Agency recommends halting new fossil fuel projects to meet climate targets, highlighting the urgency of BP's shift towards renewables.
Despite BP's joint-venture with Jera, critics express concern over the company's previous setbacks in renewable investments and ongoing reliance on fossil fuel production.
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