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BP SETS AMBITION FOR NET ZERO BY 2050

CUSTOMER NEWS / Post date:
27 February 2020
BP Sets Ambition for Net Zero by 2050

On February 12, Bernard Looney, BP’s new CEO, announced a new purpose and ambition for the company. BP’s new purpose is reimagining energy for people and our planet. This will be underpinned by an industry-leading ambition – for BP to become a net zero company by 2050 or sooner while helping the world get to net zero. 

 

This ambition is supported by the following 10 aims: 

Five aims to get BP to net zero:

  1. Net zero across BP’s operations on an absolute basis by 2050 or sooner 
  2. Net zero on carbon in BP’s oil and gas production on an absolute basis by 2050 or sooner
  3. 50% cut in the carbon intensity of products BP sells by 2050 or sooner
  4. Install methane measurement at all BP’s major oil and gas processing sites by 2023 and reduce methane intensity of operations by 50%
  5. Increase the proportion of investment in non-oil and gas businesses over time

Five aims to help the world get to net zero:

  1. More active advocacy for policies that support net zero, including carbon pricing
  2. Further incentivize BP’s workforce to deliver aims and mobilize them to advocate for net zero
  3. Set new expectations for relationships with trade associations
  4. Aim to be recognized as a leader for transparency of reporting, including supporting the recommendations of the TCFD (Task Force on Climate-Related Financial Disclosures)
  5. Launch a new team to help countries, cities, and large companies decarbonize

 

BP will host a capital markets day in September 2020 to provide more details on its strategy and near-term plans. 

 

If you are not aware, Castrol is the lubricants division of BP. Significantly, Castrol VECTON® is the world’s first certified carbon-neutral commercial vehicle engine oil.* 

 

*Defined by the BSI’s PAS 2060 carbon-neutral certification standard
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