BP’s new chief executive Bernard Looney has set an ambition to shrink the the company’s carbon footprint to net zero by 2050 and halve the carbon intensity of the energy it sells by 50%.
In response, Joe Brooks, project officer at ShareAction, says: “This is a good start from Looney as BP becomes the first supermajor to announce plans to become a net-zero company by 2050, a sign that recent shareholder pressure has paid off.
“But investors must remain vigilant – this is an ambition, not a target. With the climate crisis on our doorstep, it will be critical to watch what concrete action the company takes over the next ten years.
“For example, BP makes no mention of how it will rein in its current plans to ramp up oil and gas production by 20%, which would lock in fossil fuel infrastructure for decades. As always, the devil is in the detail, and investors will require a lot more of it from BP – including how a meagre 50% carbon intensity target is compatible with net-zero – or else this ambition is a mere pipedream.”
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