Oil and gas giant, BP has announced plans to make it a net-zero company by 2050, and outlined its strategy in a document, adding that it plans to help the world get to net-zero emission by engaging in active advocacy for policies supportive of net-zero.
The zero-emissions strategies listed in the document include cutting the carbon intensity of products it sells by 50% by 2050 or earlier; installing methane measurement at its major oil and gas processing sites by the year 2023, halving the methane intensity of operations; and upping the proportion of its investment in no- oil and gas businesses.
BP said its goal to be a net-zero business covers greenhouse gas emissions from global operations as well as the carbon in the oil and gas it generates. “This is what we mean by making BP net-zero,” BP’s new CEO Bernard Looney said in a statement on Wednesday.
He also said, “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.”
“The world’s carbon budget is finite and running out fast; we need a rapid transition to net-zero,” Looney said. He added that “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.”