BP Changes Tack with Ambitious Climate Change Targets

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  • Speaking after BP’s new chief executive Bernard Looney unveiled the major’s ambitious climate commitments today, Luke Parker, vice president, corporate analysis, said: “BP joins Shell, Total, Equinor and Repsol in making a major commitment to reduce its net carbon footprint.

“This marks a major turnaround in BP’s position. Just 12 months ago former CEO Bob Dudley said the company could not be held accountable for how people use its products. Looney is taking the company in a very different direction.”

Parker added: “It’s an ambition, rather than a target, but the commitment appears to be unconditional. In terms of scale of commitment, this puts BP towards the top of the pack, along with Repsol and Equinor.

“This will see BP’s business completely transformed over the coming decades: renewables and carbon abatement will get very big, legacy oil and gas will eventually get smaller. But the transition to 2050 is a multi-decade transition – not something that will happen in the next year or so.”

Author: Bryan Groenendaal

Source: Woodmac


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