BP is setting out to be a net zero company by 2050 or sooner, which CEO Bernard Looney said is BP’s biggest reorganization in more than a century.
In addition to getting to zero emissions from both its own operations and from the emissions from its upstream production by 2050 or sooner, BP said it aims to cut the carbon intensity of the products it sold by 2050 or sooner as well.
This will mean tackling around 415 million tonnes of emissions — 55 million from BP’s operations and 360 million tonnes from the carbon content of its upstream oil and gas production. BP is also aiming to cut the carbon intensity of the products we sell by 50% by 2050 or sooner.
“The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero,” said Looney.
BP’s ambition is supported by ten aims, including five to become a net zero company and five to help the world meet net zero:
- Getting to net zero across BP’s entire operations on an absolute basis by 2050 or sooner
- Getting to net zero on an absolute basis from its Upstream production by 2050 or sooner
- 50% reduction in carbon intensity of the products it sells by 2050 or sooner
- Measurement at all of its major oil and gas processing sites by 2023, transparent reporting and 50% reduction in its operated methane intensity
- Increase proportion of investment into non-oil & gas
- Stop corporate reputation advertising and redirect resources to active advocacy for progressive climate policies
- Incentivize employees to deliver on our aims and advocate for net zero by increasing climate element in annual bonus for leadership and 37,000 employees
- Reframe relationships with trade associations and exit when appropriate
- Become a recognized leader in transparency for our sector — support Task Force on Climate-related Financial Disclosures (TCFD) recommendations and work to implement them
- Create a team dedicated to helping countries, cities and corporations around the world decarbonize
“The direction is set,” said Looney. “We are heading for net zero. There is no turning back.”