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Bp, Outlook

BP boss Looney 'reinvents' oil giant with zero carbon goal

BP plans deep cuts to its carbon emissions by 2050, setting one of the oil secto...

13.2.2020

BP plans to sharply reduce its carbon emissions by 2050 as part of a reinvention of the 111-year old company by newly-appointed chief executive Bernard Looney

BP plans deep cuts to its carbon emissions by 2050, setting one of the oil secto...

EQNR.OL ) and all of the U.S. oil majors. “We have got to change and change profoundly because the world is changing fast and so are society’s expectations of us,” he said in his first major speech as CEO. “We need to reinvent BP,” he said earlier in a statement. BP did not specify how it intends to reach its 2050 targets to get emissions from its operations and barrels produced to net zero and halve the intensity of emissions by all products it sells, which include diesel or petrol. Smaller Spanish rival Repsol ( REP.MC ) has set similar net zero carbon targets for the oil products it sells, also known as Scope 3, at a cost of more than $5 billion. This does not include emissions from products it markets but which were produced by other groups, Repsol said. The huge scale of BP’s operations puts its aims at the vanguard in oil and gas. BP has tried reinventing itself before. A pioneering plan to build a large renewables business in the early 2000s ended with huge losses. Since then, the world’s top oil and gas companies have come under heavy pressure from investors and climate activists to meet the 2015 Paris climate goal of limiting global warming to below 2 degrees Celsius from pre-industrial levels. “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,” Looney added. Shares in BP were up 1.3% at 1423 GMT, roughly in line with the broader European energy sector index .SXEP after the news, which confirmed a Reuters report in January. BP’s absolute net zero carbon target relates to every barrel it produces, based on its equity stake in oil and gas fields, from the well to the petrol station. It does not encompass oil products which BP markets but does not produce itself. This is a uniquely structured target for oil majors, which, apart from Repsol, have not set any absolute reduction targets for any of its Scope 3 emissions. BP, which produced around 2.64 million barrels of oil equivalent per day in 2019, said it would cut its emissions to net zero from some 415 million tonnes of carbon dioxide equivalent a year. A spokesman said near-term plans would be published by a September investor day. One way of reaching greenhouse gas reduction targets is to offset certificates and bet on carbon capture and storage technology which is not yet used at a commercial scale. U.S. groups such as Exxon ( Read more: Reuters Top News

Sure... there will be no fuel cars and no BP. Too sharp? GOOD MOVE! SMART MOVE!! Something tells me it is a baaad idea! I personally will stop climate change by 2055 Bernard LOONEY?

Oil Giant BP Has Pledged To Go Carbon Neutral By 2050'Any move like this has to be looked at with a critical eye to see if it's greenwashing or if it's real,' one climate activist said. Aye that's a few decades short mate. Lets see 2050!!!! Yeah, the planet is gonna be F'd by then. But hey, it's good PR in 2020.

Oil giant BP says it wants to have net-zero emissions by 2050In an announcement Wednesday, BP listed a number of aims it had for the business. Just another scam by oil company. Ambitious.

Oil giant BP says it wants to have net-zero emissions by 2050In an announcement Wednesday, BP listed a number of aims it had for the business. Just another scam by oil company. Ambitious.

Oil Giant BP Has Pledged To Go Carbon Neutral By 2050'Any move like this has to be looked at with a critical eye to see if it's greenwashing or if it's real,' one climate activist said. Aye that's a few decades short mate. Lets see 2050!!!! Yeah, the planet is gonna be F'd by then. But hey, it's good PR in 2020.

BP's new CEO pledges net zero emissions by 2050 BP , facing growing pressure over the climate crisis, has pledged to reach net zero emissions by 2050 or sooner, as part of a plan by the company's new chief executive to transform the legacy oil giant. Actions speak louder than words. We'll see what happens. BP promising so far as 2050 is the same as a lie most polititiins promise before the election. That’t why Trump is great, he does what he says. 30-year pledge? Meaningless. Current board will be long forgotten by then. How about implementing better spill prevention in existing operations?

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