BP has vowed to reduce the carbon footprint of the oil and gas it produces to “net zero” by 2050 in a radical pledge to tackle climate change. In a bold move, Bernard Looney, the oil major’s new chief executive, said that it wanted to “become a net-zero company by 2050 or sooner”. BP said that it wanted to eliminate or offset all the greenhouse gas emissions from its operations, currently 55 million tonnes a year, and all the carbon in the oil and gas it produces, currently 360 million tonnes a year. It also pledged to halve the carbon intensity of products it sells, including those it does not produce, by 50 per cent. Mr Looney, 49, said that the company expected to “invest more in low-carbon businesses and less in oil and gas over time”.
Times 12th Feb 2020 read more »
Times 13th Feb 2020 read more »
BP is going further than its rivals. Mr Looney’s target covers both greenhouse gas emissions from BP’s global operations: 55 million tonnes of CO2 equivalent a year. And the bigger problem of the carbon in the oil and gas it produces, accounting for 360 million tonnes. Together, that’s a similar carbon footprint to the entire UK. On top, BP says it’ll also halve the carbon intensity — emissions per unit of energy — of the products it sells, including those it doesn’t produce.
Times 13th Feb 2020 read more »
New BP boss Bernard Looney has said he wants the company to sharply cut net carbon emissions by 2050 or sooner. Mr Looney said the 111-year-old company needed to “reinvent” itself, a strategy that will eventually include more investment in alternative energy. BP will have to fundamentally reorganise itself to help make those changes, said Mr Looney, who took over as chief executive last week. It follows similar moves by rivals, including Royal Dutch Shell and Total. Mr Looney said: “The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero. “Trillions of dollars will need to be invested in re-plumbing and rewiring the world’s energy system.” “This will certainly be a challenge, but also a tremendous opportunity. It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change. And we want to change – this is the right thing for the world and for BP.”
BBC 12th Feb 2020 read more »
BP’s new chief executive has set an ambitious target to shrink the oil firm’s carbon footprint to net zero by 2050 by cutting more greenhouse gas emissions every year than produced by the whole of the UK. Bernard Looney, who replaced Bob Dudley as chief executive this month, said it was clear that BP needed to change. He said BP would aim to become a net zero company by 2050 or sooner by tackling “all the carbon we get out of the ground as well as all the greenhouse gases we emit from our operations”. BP is following the lead of other large oil firms by setting a target to reduce its contribution to the climate crisis, which will require the company to remove more than 400m tonnes of carbon emissions a year from its oil and gas business.
Guardian 12th Feb 2020 read more »
BP’s statement on reaching net zero by 2050 – what it says and what it means. Jonathan Watts breaks down the oil company’s statements on its plans to cut carbon emissions in the coming decades.
Guardian 12th Feb 2020 read more »
BP’s new chief executive has set an ambition to shrink the oil giant’s carbon footprint to net zero by 2050 and will cut the carbon intensity of the energy it sells by 50% over the same period. BP will follow the lead of other major oil companies by launching a new team tasked with setting out a roadmap for BP to play a role in decarbonising the energy system. The team will report back to BP’s new team of senior executives in September this year with a strategy that is likely to include plans to use carbon offsetting measures – such as tree-planting – investments in clean energy and transport, and reducing the amount of oil it produces in the long term.
Edie 12th Feb 2020 read more »
Business Green 12th Feb 2020 read more »
Energy Voice 13th Feb 2020 read more »
BP has pledged to cut its greenhouse gas emissions to net zero by 2050 or sooner,
FT 13th Feb 2020 read more »
BP’s net-zero pledge is welcome, but detail is required.
FT 13th Feb 2020 read more »