BP plans deep cuts to its carbon emissions by 2050, with its new chief executive setting one of the oil sector's most ambitious targets and the biggest overhaul in the company's history.
Adam Reed reports.
BP deepens emissions targets as CEO Looney 'reinvents' oil major
BP chief executive Bernard Looney may be new to the job, but he's already set the oil giant an ambitious goal: He wants it to produce net zero carbon emissions by 2050.
In a Wednesday (February 12) statement posted on Instagram Looney said "We need to reinvent BP," The targets would represent the biggest overhaul in the company's history, but for the time being the plans are light on detail, with nothing to say about how they'd be achieved.
What has been made clear is BP's absolute net zero carbon target relating to every barrel it produces, from the well to the petrol station.
It does not include oil products BP markets, but doesn't produce itself.
The challenge ahead looks large for the group.
It produced around 2.64 million barrels of oil equivalent per day in 2019.
And now aims to reduce its emissions to net zero from around 415 million tonnes of carbon dioxide equivalent a year.
On Wednesday shares in BP were up over 1% following Looney's announcement.