New BP CEO sets 2050 or sooner net-zero GHG emissions target
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Combustion Industry News Editor
New BP chief executive Bernard Looney has announced that the company will aim to cut its greenhouse gas emissions to net zero by 2050 or earlier, adding that it will need to reinvent itself to do so. The commitment follows Spanish company Repsol’s similar announcement late last year, but BP is the first big oil and gas company to announce such a target. Like Repsol, its target of net-zero emissions includes the use of its products, making it highly ambitious. Analysts have noted that the target currently lacks detail, but this is sure to be something that BP will be working on not just in coming months but continuously over the next decades as achievements are (or are not) made and opportunities arise. For now, the company is restructuring into four divisions: production and operations; customers and products; gas and low carbon; and innovation and engineering. Mr Looney expects oil and gas production to decline gradually, but the company will focus on maintaining the high dividends that shareholders have traditionally enjoyed. Major shareholders such as Standard Life Aberdeen have welcomed the announcement, while environmental groups such as Greenpeace have said it is not sufficiently ambitious.