BP sets ambition for net zero by 2050
BP today set a new ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero. The ambition is supported by ten aims:
Five aims to get BP to net zero:
- Net zero across BP’s operations on an absolute basis by 2050 or sooner.
- Net zero on carbon in BP’s oil and gas production on an absolute basis by 2050 or sooner.
- 50% cut in the carbon intensity of products BP sells by 2050 or sooner.
- Install methane measurement at all BP’s major oil and gas processing sites by 2023 and reduce methane intensity of operations by 50%.
- Increase the proportion of investment into non-oil and gas businesses over time.
Five aims to help the world get to net zero:
- More active advocacy for policies that support net zero, including carbon pricing.
- Further incentivise BP’s workforce to deliver aims and mobilise them to advocate for net zero.
- Set new expectations for relationships with trade associations.
- Aim to be recognised as a leader for transparency of reporting, including supporting the recommendations of the TCFD.
- Launch a new team to help countries, cities and large companies decarbonise.
To deliver the ambition, BP will fundamentally reorganise to become a more focused, more integrated company, comprising:
Four business groups to deliver performance and value growth:
Production & Operations; Customers & Products; Gas & Low Carbon Energy; and Innovation & Engineering.
Three integrators to identify and maximise opportunities:
Sustainability & Strategy; Regions, Cities & Solutions; and Trading & Shipping.
Source / More : BP
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