BP says it will decarbonise SOPA/Getty Images
BP has become the biggest oil and gas company to promise to cut its carbon emissions to net zero by 2050.
Bernard Looney, BP鈥檚 new chief executive, said today that it was 鈥渘o longer enough鈥 to provide reliable and affordable energy, it had to be cleaner too. 鈥淔or BP to play our part and serve our purpose, we have to change,鈥 he said in a statement. The company said it would need to 鈥渇undamentally transform鈥 itself to meet its net zero ambition.
However, the pledge doesn’t cover emissions produced when oil and gas is burned by the firm’s customers, which amounts to BP鈥檚 biggest contribution to climate change.
Advertisement
The company also made no promise to rein in hydrocarbon exploration and production over the next decade, which .
It is also unclear how and when BP might transition into renewables. The company said today that the share of its $16bn-plus annual spending that goes on non-oil and gas work will rise over time, but gave no figures or dates. The company came 7th in of oil companies鈥 investments in low-carbon projects.
Campaigners said key questions weren’t answered by BP. 鈥淗ow will they reach net zero? Will it be through offsetting? When will they stop wasting billions on drilling for new oil and gas we can鈥檛 burn?鈥 said Charlie Kronick at Greenpeace UK, in a statement.
Repsol of Spain last year became the first oil and gas company to set a net zero goal. More details on how BP will deliver its ambition are expected in September.
Topics:
