AlwaysFree: New CEO: BP to Set Deeper 2050 Carbon Target Emission


BP’s newly-appointed CEO Bernard Looney said that the company would sharply cut its carbon emissions by 2050 as part of the company’s reinvention.

“The world’s carbon budget is finite and running out fast; we need a rapid transition to net-zero,” Looney said.

BP will cut in half the intensity of the carbon emissions of its oil and gas products it sells by 2050, known as Scope 3 emissions.

According to Reuters calculations, the Scope 3 emissions vastly offset greenhouse gases caused by the production of crude oil, natural gas, and refined products, including electricity generation, normally by a factor of about six among oil majors

One of BP’s biggest changes would be dismantling the traditional model of oil and gas production (upstream) unit and the downstream unit which consists of refining, trading, and marketing. 

Its new organization includes four units: Production and Operations; Customers and Products; Gas and Low Carbon Energy; and Innovation & Engineering.

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February 13, 2020 5:31 PM