BP Aims For Net Zero Carbon Emissions by 2050
February 12 2020 - 6:21AM
Dow Jones News
By Adriano Marchese
BP PLC said Wednesday that it has set a new target to become a
net-zero carbon-emissions company by 2050 or sooner, which will
cover emissions produced from all its world-wide operations.
The British oil major said its net-zero greenhouse-gas emissions
initiative will be supported by 10 aims.
One aim will be to bring its oil-and-gas production to zero on
an absolute basis, which is measured in terms of reduction in total
greenhouse-gas emissions, rather than reductions in carbon
intensity per unit of energy. It aims to do this across all of its
operations.
The company said the term net zero refers to greenhouse-gas
emissions effectively being cancelled out by carbon sinks, removals
or reductions.
Attaching a figure to its ambition, BP said the delivery of its
aims would equate to cutting current production of around 55
million metric tons of carbon equivalent a year to net zero.
BP said it would also increase the proportion of investment into
non-oil and gas businesses over time, something that it has already
begun to do.
In 2019, the company began expanding its low-carbon business,
increasing ownership in its solar joint venture, Lightsource BP, to
50%, as well as completing the formation of its new Brazilian
biofuels and biopower joint venture, BP Bunge Bioenergia.
"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," Chief Executive Bernard Looney said.
Not only will the company shift its own production toward more
sustainability, BP said that it would be more active on the
advocacy front toward supporting policies that promote the net-zero
goal, including carbon pricing.
The idea of putting a price on carbon has become more and more
prevalent as a means to reducing emissions and promoting investment
in clean or green options.
The company said it would launch a new team to help countries,
cities and large companies decarbonize.
This would work toward the aim of helping its customers reduce
their emissions by halving the carbon intensity of the products it
sells, again by 2050 or sooner, BP said. This would entail offering
customers more and better choices of low- and no-carbon
products.
"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," Chairman
Helge Lund said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 12, 2020 07:06 ET (12:06 GMT)
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