British energy giant BP has set a goal to achieve net zero carbon emissions with a net zero carbon footprint and carbon removal by 2050 or sooner.
The company said in a statement on Wednesday that it aims to achieve net zero emissions across all of its operations on an absolute basis either before or by 2050. It also targets net zero on carbon in oil and gas production, and to cut carbon-intensity products that it sells by 50%.
Other measures include installing methane measurement at all major oil and gas processing sites by 2023, reducing methane intensity of operations by 50%, and increasing the proportion of investment into non-oil and gas businesses over time.
"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," according to BP CEO Bernard Looney in a statement, who replaced Group Chief Executive Bob Dudley earlier this month.
"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," he said.
Looney noted that BP's new plan addresses all the carbon the company gets out of the ground, in addition to all the greenhouse gases it emits from its operations.
"If this were to happen to every barrel of oil and gas produced, the emissions problem for our sector would be solved ... 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," he explained.
The company also laid out goals to help the world achieve net zero emissions.
These include more active advocacy for policies that support net zero, including carbon pricing, setting new expectations for relationships with trade associations, and forming a team to help countries, cities and large companies decarbonize.
“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," Looney said.
By Ovunc Kutlu