bp has announced profits of $12.8 billion (£9.4bn) for 2021, its highest in eight years, as the company shifted to more low carbon energies.
This is in stark contrast to 2020, when the company reported a $5.7 billion (£4.2bn) loss.
Rising energy, oil and gas prices have contributed to the company’s heavy profit margin, as well as the boost in low carbon investment.
bp estimates that by 2030, its low carbon endeavours will generate earnings of up to $10 billion (£7.3bn) and it’s set to spend around $16 billion (£11.8bn) per year until 2025 to boost low carbon energy and electric vehicle (EV) charging infrastructure.
It has also brought its net zero target forward to 2050.
CEO Bernard Looney said: “It’s all about one thing, one thing only – delivering the strategy that we laid out. That’s working.
“We are accelerating the greening of bp. Our confidence is growing in the opportunities that the energy transition offers.”