The British oil giant British Petroleum (BP) is selling off its wind power company valued at two billion dollars. Instead, BP plans to focus on what is described as profitable investments in solar energy and oil.

The background is that the recent years’ so-called sustainability efforts in the green transition have irritated investors, and the share price has plummeted sharply over the past year.

BP believes more in solar energy and therefore wants to focus on the operations around Lightsource BP – Europe’s largest solar energy company, in which the oil giant has a significant ownership and is expected to further expand it.

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Financial Times reports that the solar energy industry is expected to grow significantly, especially in the United States. Last year, wind power accounted for ten percent of the USA’s energy production, while solar energy accounted for only four percent. However, within ten years, the solar energy industry is expected to have surpassed the wind power industry.

Since January this year, BP has returned to focusing its strategy on oil and natural gas. According to William Lin, head of BP’s gas and carbon dioxide unit, investments in onshore wind power are not in line with the company’s growth plans – it simply is not profitable.

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