BP's corporate venture capital arm is shutting down after nearly two decades, marking a definitive end to the oil giant's on-and-off engagement with climate technology investments. Main Developments The company announced it is selling the majority of its venture portfolio — more than 10 companies — to Verdane, a Nordic private equity firm. This follows BP's broader pivot away from clean energy earlier this year. Background BP launched its venture arm in 2007, investing across a wide range of sectors tied to the energy transition. These included green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy. Read also: Uber's $14.8B Delivery Hero Deal Reshapes Global Food Delivery Why It Matters The sale signals that one of the world's largest oil companies is stepping back from directly backing early-stage climate solutions. It raises questions about corporate venture capital's role in funding the energy transition when fossil fuel profits are under pressure. What's Next Verdane will take over the portfolio, leaving BP's remaining venture activities unclear. No further details on the transaction's value or timeline have been disclosed.