BP jumps the gate for the long green mile

When it come to going green, the first oil giant to jump out of the gate is BP. The company is to spend trillions to rebuild its entire network, that includes replacing all plumbing and rewiring. The plan is to rid itself of any carbon emissions by 2050.

The plan will also focus on reducing carbon dioxide created by us, the consumer. BP hopes to do that via new technologies. Although the concept of showing up to a BP and finding electric chargers in place of petrol bowsers, is a long way off!

The key objectives include:

• Net zero across BP’s operations on an absolute basis by 2050 or sooner.
• Net zero on carbon in BP’s oil and gas production on an absolute basis by 2050 or sooner.
• 50% cut in the carbon intensity of products BP sells by 2050 or sooner.
• Install methane measurement at all BP’s major oil and gas processing sites by 2023 and reduce methane intensity of operations by 50%.
• Increase the proportion of investment into non-oil and gas businesses over time.

CEO of BP, Bernard Looney said: “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. 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.”

Helge Lund, BP’s chairman, commented: 

“Energy markets are changing, driven by climate change, technology and societal expectations, and the Board supports Bernard and his new leadership team´s ambition for BP. Aiming for net zero is not only the right thing for BP, it is the right thing for our shareholders and for society more broadly. As we embark on this ambitious agenda, we will maintain a strong focus on safe, reliable and efficient operations and on delivering the promises we have made to our investors.”

Although 2050 is the target, it’s good to see oil companies wake up and not smell the emissions.