Oil giant BP seeks to ‘reinvent’ itself with 2050 zero carbon goal

(EurActiv, 13 Feb 2020) BP set one of the oil sector’s most ambitious targets for curbing carbon emissions on Wednesday (12 February) as new chief executive Bernard Looney launched the biggest revamp in the company’s 111-year history

“We have got to change and change profoundly because the world is changing fast and so are society’s expectations of us,” Looney said in his first major speech as CEO, after earlier highlighting a need to “reinvent BP”.

“It is aiming to reduce and neutralise the carbon in the oil and gas that we dig out of the ground,” Looney added.

The 2050 carbon-neutral objective is in line with the EU’s own climate targets. In December, EU heads of states signed off on plans tabled by the European Commission to make Europe the first climate-neutral continent in the world by 2050.

The Commission is now busy drawing up a European “Climate Law” that will enshrine the 2050 objective into hard legislation. A proposal is expected to come out on 4 March. Once adopted, it will become legally binding for all EU member states.

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EurActiv, 13 Feb 2020: Oil giant BP seeks to ‘reinvent’ itself with 2050 zero carbon goal