BP sets out to be carbon neutral by 2050

Oil giant BP on Wednesday announced its intention to be carbon neutral by 2050.

“The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero. We all want energy that is reliable and affordable, but that is no longer enough,” CEO Bernard Looney said in a statement.

“It must also be cleaner,” he added. “To deliver that, trillions of dollars will need to be invested in replumbing and rewiring the world’s energy system. It will require nothing short of reimagining energy as we know it.”

The company has set five directives to help it reach the 2050 goal. Notably, BP wants to slash its carbon and methane intensity by 50 percent and invest more in “non-oil and gas businesses.”

Looney said BP will be reorganized into 11 teams, with the leaders of these new departments managing the company.

“Our historic structure has served us well but, in order to keep up with rapidly-evolving customer demands and society’s expectations, we need to become more integrated and more focused,” Looney explained. “So we are undertaking a major reorganisation, introducing a new structure, a new leadership team and new ways of working for all of us.”

BP Chairman Helge Lund said in the release that Looney has the full support of the board and that “net zero is not only the right thing for BP, it is the right thing for our shareholders and for society more broadly.”

Also reworked is the company’s mission statement: “Reimagining energy for people and our planet.”

Both Looney and Lund expressed confidence that the ambitious changes would not affect BP’s ability to carry out its responsibilities to both consumers and stakeholders.

Between greenhouse gases and carbon, BP currently emits approximately 415 metric tons of carbon dioxide equivalent a year.

Updated at 2:08 p.m.