In an announcement Wednesday, BP listed a number of aims it had for the business.
The oil and gas giant has a new CEO in the shape of Bernard Looney.
In an announcement detailing its plans, BP listed a number of aims it had for the business. These included: Cutting the carbon intensity of products it sells by 50% by 2050 or earlier; installing methane measurement at its major oil and gas processing sites by the year 2023 and halving the methane intensity of operations; and upping the proportion of its investment in non-oil and gas businesses.
"The world's carbon budget is finite and running out fast; we need a rapid transition to net zero," new CEO Bernard Looney said in a statement. BP said its goal to be a net-zero business covered, on an absolute basis, greenhouse gas emissions from global operations as well as the carbon in the oil and gas it generates. "This is what we mean by making BP net zero," Looney said. "It directly addresses all the carbon we get out of the ground as well as all the greenhouse gases we emit from our operations. These will be absolute reductions, which is what the world needs.
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