GHG Emissions, Industrial - February 14, 2020
BP announces new goal to be net zero by 2050
BP announced Feb. 12 that it has set a goal to be net zero by 2050 and will begin rolling out programs to support net zero operations in the world while offering customers more choices of low- and no-carbon products and cutting the carbon intensity of their products in half.
This goal includes being net zero across operations on an absolute basis, net zero on carbon in their oil and gas production on an absolute basis and cutting carbon intensity by 50%, all by 2050. Additionally, the oil and gas company also committed to installing methane measurements at all of their major oil and gas processing sites and 2023 and reduce methane intensity of operations by 50%, while increasing their investment in non-oil and gas businesses.
“The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero,” CEO Bernard Looney said in a statement. “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. It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change. And we want to change – this is the right thing for the world and for BP.”
BP estimates that, currently, the carbon emissions from their worldwide operations and the carbon in the oil and gas that they produce equates to approximately 415 million tons of CO2 equivalent a year, all of which would be reduced to net zero under the successful implementation of these new goals.
As part of their initiative to support a general net zero reality in the world, BP also committed to acting as an active advocate for policies that support net zero and incentivizing their workforce to deliver these goals. They will also be increasing their reporting transparency and support the recommendations of the TCFD.