Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
BP targets net zero carbon emissions by 2050
By by Roland JACKSON with Patrick GALEY in Paris
London (AFP) Feb 12, 2020

British energy giant BP, under the leadership of new chief executive Bernard Looney, declared Wednesday its aim to achieve "net zero" carbon emissions by 2050, but faced immediate criticism over the lack of detail on how it planned to hit the target.

"BP is setting out to be a net zero company by 2050 or sooner -- as well as helping the world to get there," Looney said in a key speech, adding the company would undergo a "fundamental" reorganisation to reposition itself for a cleaner future.

The energy major also forecast that its traditional oil and gas production "decline gradually over time", while cleaner energy output would increase, he noted.

After a string of climate-related disasters and protests inspired by Swedish teen activist Greta Thunberg, several countries have announced a climate emergency -- prompting more and more companies to try to curb carbon emissions in line with the Paris agreement goals.

Exactly one week ago, Greenpeace campaigners blockaded BP's London headquarters with solar panels and oil barrels to mark Looney's first day as boss.

- 'Rapid transition' -

"Let me be very clear today that I get it... We need a rapid transition to net zero. Society has got to deliver on the Paris goals," Looney said in his key address.

"I get the frustration and I get the anxiety and I get the anger -- and I get that people want cleaner energy."

Green campaigners were quick to slam BP over the lack of policy detail but he insisted the company was embracing change.

"This is a big moment in BP's history. We are changing," he added in the key address, after it also vowed to slash the carbon intensity of what it sells in half.

"We will still be an energy company but a very different kind of energy company: leaner, faster moving, lower carbon and more valuable.

"On the way we are aiming to earn back the trust of society. We are aiming to be valued by shareholders as a force for good as well as a provider of competitive returns."

BP already announced earlier on Wednesday that its net zero goal would cover greenhouse gas emissions from its operations worldwide, as well as carbon in the oil and gas that the company produces.

The energy major will seek to ensure that the production of oil and gas does not emit carbon, while it will also start measuring methane emissions at all its gas processing facilities by 2023.

And it vowed to ramp up investment on non-oil and gas business as part of the pledge.

"Today is about a vision; it is about a direction of travel. Every journey has to begin with a destination," said Looney, adding its destination was "a net zero world".

"What I am not going to talk is a lot of detail on the next month or the next year or the next five years," he admitted.

- 'Questions unanswered' -

The company ran into immediate criticism over the lack of specific commitments.

Teresa Anderson, climate policy coordinator at ActionAid, told AFP that BP's announcement was a textbook illustration of how easy it is for companies to use vague "net zero targets to make claims of going green, while continuing business as usual".

She said BP had not provided a detailed plan on how it would offset its emissions from oil and gas, nor had it announced short-term reductions targets to keep it in line with what science says is needed to avoid runaway global warming.

"To meet the Paris Agreement goal of limiting global warming to 1.5 degrees centigrade, we need polluters to actually ditch fossil fuels, cut emissions, and get us on track for 'real' zero," she said.

Charlie Kronick, a climate advisor at Greenpeace UK, added that BP's announcement left "urgent questions unanswered."

"How will they reach net zero? Will it be through offsetting?

"What is the scale and schedule for the renewables investment they barely mention? And what are they going to do this decade, when the battle to protect our climate will be won or lost."

Irish national Looney last week succeeded American Bob Dudley, whose ten-year stint as chief executive included the fallout from the 2010 Gulf of Mexico oil spill disaster -- the biggest environmental catastrophe in US history.

"Ten years on we are a safer, stronger and more disciplined company," Looney added Wednesday.

ved-pg-rfj/cdw

BP


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
Huge Arctic oil project to boost Russian GDP: Rosneft
Moscow (AFP) Feb 11, 2020
Russian oil giant Rosneft promised Tuesday to boost the nation's economy with a $157 billion project to reach five billion tonnes of oil as Moscow expands production in the Arctic. Meeting with President Vladimir Putin, Rosneft chief executive Igor Sechin said that Vostok Oil, the company's project on northern Siberia's Taimyr peninsula, would see almost eight thousand kilometres (five thousand miles) of pipelines built and create 100,000 jobs. Sechin called Vostok Oil "the biggest (project) bei ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Drilling a 3,000 meters deep well

Water-conducting membrane allows carbon dioxide to transform into fuel more efficiently

Vast amounts of valuable energy, nutrients, water lost in world's fast-rising wastewater streams

UCF researchers work on project to develop cleaner-burning, renewable fuels

OIL AND GAS
Russian scientists propose a technology reducing the cost of high-efficiency solar cells

NEDO and Panasonic hit 16.09% for largest-area perovskite solar cell module

Oblique electrostatic inject-deposited TiO2 film leads efficient perovskite solar cells

Simple, solar-powered water desalination

OIL AND GAS
Iberdrola will build its next wind farm in Spain with the most powerful wind turbine

UK looks to offshore wind for green energy transition

Britain's green energy sector brightens: survey data

Consider marine life when implementing offshore renewable power

OIL AND GAS
GE Hitachi Nuclear Energy and CEZ signs small modular reactor tech deal with Czech Republic

Framatome signs contracts with Tennessee Valley Authority

GE Hitachi Nuclear Energy begins NRC licensing process for BWRX-300 Small Modular Reactor

Molecule modification could improve reprocessing of spent nuclear fuel

OIL AND GAS
UN talks struggle to stave off climate chaos

Climate takes centre stage at Siemens shareholder meet

UK vows action after envoy slams plans for UN climate talks

Arctic permafrost thaw plays greater role in climate change than previously estimated

OIL AND GAS
Volvo Cars and Chinese owner Geely plan to merge

GM Korea to suspend assembly line as virus hits parts supply

Toyota extends China plant closure over virus

Coronavirus claims world's biggest capacity car plant

OIL AND GAS
In Iraq, protesters in last stand against a former ally

Iraq protesters defiant as they bury 7 killed in overnight clash

Iraq PM-designate meets anti-government protesters

Seven killed as rival protesters clash in Iraq's Najaf

OIL AND GAS
Air Force tests Minuteman III strike missile in Vandenberg launch

US tests ICBM as it works to overhaul aging weaponry

US submarine armed with 'low-yield' nuclear weapon, Pentagon says

Top EU diplomat to visit Tehran amid nuclear tensions









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.