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Oil giant BP to cut its carbon emissions to net zero by 2050

Oil giant BP to cut its carbon emissions to net zero by 2050

London, February 13 - Neftegaz.RU. BP said that this ambition is supported by 10 aims, 5 to get BP to net zero and 5 aims to help the world get to net zero.

According to BP, the first 5 aims include net zero across BP’s operations on an absolute basis by 2050 or sooner; net zero on carbon in BP’s oil & 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 & gas processing sites by 2023 and reduce methane intensity of operations by 50%; and increase the proportion of investment into non-oil and gas businesses over time.

5 aims to help the world get to net zero include more active advocacy for policies that support net zero, including carbon pricing; further incentivise BP’s workforce to deliver aims and mobilize them to advocate for net zero; set new expectations for relationships with trade associations; aim to be recognized as a leader for transparency of reporting, including supporting the recommendations of the TCFD; and launch a new team to help countries, cities and large companies decarbonise.

In order to deliver this, the company said it would fundamentally reorganize to become a more focused and more integrated company.

This change will comprise of 4 business groups (Production & Operations; Customers & Products; Gas & Low Carbon Energy; and Innovation & Engineering); 3 integrators to identify and maximize opportunities (Sustainability & Strategy; Regions, Cities & Solutions; and Trading & Shipping); and 4 core enablers to support business delivery (Finance; Legal; People & Culture; and Communications & Advocacy).

BP’s new CEO, Bernard Looney, said: “The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero. We all want energy that is reliable and affordable, but that is no longer enough. It must also be cleaner. To deliver that, trillions of dollars will need to be invested in replumbing and rewiring the world’s energy system. It will require nothing short of reimagining energy as we know it. This will certainly be a challenge, but also a tremendous opportunity.”

BP’s new ambition to be a net zero company by 2050 or sooner covers the greenhouse gas emissions from its operations worldwide, currently around 55 million tonnes of CO2 equivalent (MteCO2e) a year, and the carbon in the oil & gas that it produces, equivalent currently to around 360 MteCO2e emissions a year – both on an absolute basis. Taken together, delivery of these aims would equate to a reduction in emissions to net zero from what is currently around 415 MteCO2e a year.

“This is what we mean by making BP net zero. It directly addresses all the carbon we get out of the ground as well as all the greenhouse gases we emit from our operations. These will be absolute reductions, which is what the world needs. If this were to happen to every barrel of oil and gas produced, the emissions problem for our sector would be solved. But of course, the world is not that simple; the whole energy system has to be transformed and everyone has a contribution to make – producers and sellers of energy, policy makers and everyone who uses energy,” Bernard Looney said.

“We expect to invest more in low carbon businesses – and less in oil and gas – over time. The goal is to invest wisely, into businesses where we can add value, develop at scale, and deliver competitive returns,”  Bernard Looney stated.