BP makes net-zero carbon pledge by 2050
13 February, 2020
Bernard Looney, the new CEO at oil and gas supermajor BP, pledged to achieve net-zero carbon emissions from its oil and gas operations by 2050 as he set out the company’s future vision.
The commitment includes reducing approximately 415m tonnes of absolute emissions from its operations, as well as the emissions of its upstream production.
BP has also committed to cutting the carbon intensity of the products it sells by 50%.
Driven by a new leadership team and an organisational restructure, the company announced it will increase investments into non-oil and gas businesses over time.
It plans to install methane-measuring equipment at its processing sites by 2023 and will more actively advocate for net-zero policies such as carbon pricing.
Looney promised further details on milestones and timelines to meet the pledge at a later briefing in September.