Oil giant BP wants to reduce its dependence on oil and become a more sustainable energy company. As a step in that direction, the company has decided to invest one billion pounds in charging stations for electric vehicles around the UK.

The charging stations will be built over a ten-year period and will triple the number of charging stations BP has in the UK.

To supply the stations with electricity, BP intends to invest in renewable sources. Among other things, the company will build 5.9 GW of offshore wind power capacity.

BP also intends to expand its network of charging stations in the rest of the world. Today, the company has 11,000 charging stations around the world, and by 2030 that number should be up to 70,000, according to BP.

So far, charging stations have been a loss-making business for BP, but that may change within the next five years.

"When we look at the basic deal for fast chargers for electric vehicles compared to petrol pumps, we are beginning to approach the point where fast chargers are a better deal," said Emma Delaney, head of Customers and Products, in a comment to Reuters.

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