BP makes pledge to become a net zero company by 2050

Reported today on City AM

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BP has announced plans to become a net zero emissions company by 2050 or sooner, one of the most ambitious climate pledges yet made by an oil major.Along with absolute net zero commitments across all of BP’s operations, it will also cut the carbon intensity of products it sells by 50 per cent by 2050 at the latest.Read more: Under the pump: the challenges facing BP’s new boss in the 2020sAccompanying the raft of new pledges are plans to transform BP’s business, reorganising its autonomous upstream and downstream segments into a more integrated entity made up of 11 teams.Bernard Looney, the firm’s new chief executive, who will set out the oil giant’s plans in detail later today, said in a statement: “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.Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtimeIt 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.”Looney also said that BP was intending to increase the proportion of investment it makes into its renewable energy businesses.He said: “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.”Climate a

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