BP (NYSE: BP) is at the center of a new alliance to develop offshore carbon dioxide transportation and storage facilities in the the portion of the North Sea adjoining the company's native England. The company announced Monday it is combining with several fellow energy multinationals, namely Royal Dutch Shell, Eni, Total, Equinor, and National Grid, to form the Northern Endurance Partnership (NEP). BP will lead the NEP, which is to own and operate the project. Image source: Getty Images. The initiative will support a pair of onshore facilities, Net Zero Tesside and Zero Carbon Humber, that are intended to develop what BP describes as "decarbonized industrial clusters" on English territory. Those two locations are heavily industrialized. To source capital for the project, NEP has applied for funding from a 170 million British pound ($220 million) UK government program called the Industrial Decarbonization Challenge. BP quoted its vice president of carbon capture, utilization, and storage (CCUS), Andy Lane, as saying, "The formation of the Northern Endurance Partnership is another significant milestone toward developing the offshore infrastructure that will be needed to safely transport and store carbon dioxide from CCUS projects along England's east coast." In his view, the forming of NEP shows the "industry's willingness to come together and collaborate wherever possible to accelerate making CCUS a reality in the UK, helping to decarbonize the local economy and contributing to the UK's climate goals." For nearly a decade, BP -- the initials of which originally stood for British Petroleum -- has made concentrated moves away from fossil fuels toward more sustainable forms of energy. Its participation in the NEP is the latest manifestation of this strategy. 10 stocks we like better than BPWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and BP wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends National Grid. The Motley Fool has a disclosure policy.Source