BP, facing growing pressure over the climate crisis, has pledged to reach net zero emissions by 2050 or sooner, as part of a plan by the company's new chief executive to transform the legacy oil giant.
"The world's carbon budget is finite and running out fast," said CEO Bernard Looney, who stepped into BP's top job this month, in a statement Wednesday."We need a rapid transition to net zero. We all want energy that is reliable and affordable, but that is no longer enough."He followed up with a post on Instagram:"Simply put, we have got to change. We want to change. And we will change.
BP will also overhaul its corporate structure in order to pursue its new strategy. Logan said this shows the company is serious about reaching its targets.In a note to clients, Barclays analysts called the changes under Looney"fundamental and radical.""For us, the statement represents a steep change in terms of vision for the company, and one that moves the group towards the biggest reorganization and modernization in at least two decades, if not a century," they wrote.
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