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Share Price Information for BP (BP.)

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Share Price: 308.40
Bid: 308.30
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Change: -6.90 (-2.19%)
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Open: 309.00
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BP And Microsoft Partner To Drive Digital Energy Innovation

Tue, 15th Sep 2020 09:45

(Alliance News) - BP PLC and Microsoft Corp have agreed to collaborate as strategic partners to further digital transformation in energy systems and advance the net zero carbon goals, the companies jointly announced on Tuesday.

This includes a co-innovation effort focused on digital solutions, the continued use of Microsoft Azure as a cloud-based solution for BP infrastructure and BP supplying renewable energy to help Microsoft meet its 2025 renewable energy goals.

Earlier this year, BP announced its ambition to become a net zero emissions company by 2050 or sooner.

"BP is determined to get to net zero and to help the world do the same. No one can do it alone – partnerships with leading companies like Microsoft, with aligned ambitions, is going to be key to achieving this," said William Lin, BP executive vice president for regions, cities & solutions.

A memorandum of understanding signed by BP and Microsoft recognises the capabilities that each company can provide to accelerate progress towards their sustainability goals. Their co-innovation effort will initially be focused on four areas: smart and clean cities, clean energy parks, consumer energy, and industrial internet of things solutions.

As part of BP's cloud-first IT approach, the company has extended its agreement to use Microsoft Azure cloud services as a strategic platform. This expands on BP's existing relationship with Microsoft, which helped accelerate the digitization of BP infrastructure and operations, while Microsoft 365 enabled greater collaboration and remote working productivity during the Covid-19 response.

Finally, Microsoft and BP have signed a framework agreement for renewable energy projects that aims to provide renewable energy to help power Microsoft's datacentres. BP said it will supply renewable energy to Microsoft across multiple countries and regions including the US, Europe and Latin America.

BP shares were trading 0.3% higher in London on Tuesday at 257.75 pence each. Microsoft shares closed up 0.7% in New York on Monday at USD205.41 each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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