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BP aiming for net zero carbon emissions by 2050
LONDON, Feb 12, 2020 (BSS/AFP) – British energy giant BP, under the
leadership of new chief executive Bernard Looney, declared Wednesday its aim
to achieve “net zero” carbon emissions by 2050, although it was vague on how
it planned to hit the target.
“BP’s new ambition to be a net zero company by 2050 or sooner covers the
greenhouse gas emissions from its operations worldwide… and the carbon in
the oil and gas that it produces,” said a statement ahead of a speech by
Looney on plans to “fundamentally transform its whole organisation”.
Environmentalists immediately challenged the company’s statement, saying
it lacked detail and specific commitments.
The energy major will seek to ensure that the production of oil and gas
does not emit carbon, while it will also start measuring methane emissions at
all its gas processing facilities by 2023.
And it vowed to “increase the proportion of investment into non-oil and
gas business over time” as part of the pledge.
– ‘Rapid transition’ –
Looney said in the statement: “The world’s carbon budget is finite and
running out fast. We need a rapid transition to net zero.
“We all want energy that is reliable and affordable, but that is no longer
enough. It must also be cleaner.”
He added: “To deliver that, trillions of dollars will need to be invested
in replumbing and rewiring the world’s energy system.
“It will require nothing short of re-imagining energy as we know it.”
Irish national Looney last week succeeded American Bob Dudley, whose ten-
year stint as chief executive included the fallout from the 2010 Gulf of
Mexico oil spill disaster — the biggest environmental catastrophe in US
history.
“Energy markets are changing, driven by climate change, technology and
societal expectations, and the board supports Bernard and his new leadership
team’s ambition for BP,” the company’s chairman Helge Lund said Wednesday.
“Aiming for net zero is not only the right thing for BP, it is the right
thing for our shareholders and for society more broadly.
“As we embark on this ambitious agenda, we will maintain a strong focus on
safe, reliable and efficient operations and on delivering the promises we
have made to our investors,” Lund added.
– ‘Urgent questions’ –
Green campaigners were quick to slam BP over the lack of policy detail in
the announcement.
“BP’s ‘ambitions’ and ‘aims’… leave the urgent questions unanswered,”
said Charlie Kronick, a climate advisor at Greenpeace UK.
“How will they reach net zero? Will it be through offsetting?”
Kronick added: “What is the scale and schedule for the renewables
investment they barely mention? And what are they going to do this decade,
when the battle to protect our climate will be won or lost.”
BSS/AFP/SSS/2022 hrs