BP sets target to cut carbon emissions to net zero by 2050

The new boss of BP is promising to reduce the company’s greenhouse gas emissions to net zero by 2050 or sooner. The plans also include cutting the carbon intensity of BP products by 50 per cent over the same timeline. Bernard Looney, who took over as chief executive last week, says it “will certainly be a challenge, but also a tremendous opportunity”. He says the company needs to “reinvent” itself to keep up as the world transitions to cleaner forms of energy.

The new boss says he’ll overhaul the organisation’s structure to help achieve this pledge, and in the long term there’ll be more investment in low carbon businesses and less in oil and gas. BP is yet to outline how rapid reductions will be made to hit the net zero target, but further information is expected to be announced in the coming months.

BP isn’t the first energy giant to pledge to cut it’s emissions – Royal Dutch and Total have both made similar promises, however BP’s target is more ambitious. The company has faced growing criticism from the public over its involvement in the climate crisis, including a number of protests at its offices in London. Greenpeace says “averting climate catastrophe can’t wait and claims the plans aren’t “ambitious or anywhere near enough”.

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Steve Clifford is Owner of Clifford Talbot Partnership which was formed in 1984 to provide solutions to energy and utility management issues in commerce, industry, government and the public sectors throughout the UK.