BP chief executive Bernard Looney may be new to the job, but he's already set the oil giant an ambitious goal. He wants the company to become a net zero carbon emitter by 2050
) are far less ambitious with their greenhouse gas reduction targets than their European rivals.
“Building on the positive engagement with BP ... investors will continue to look for progress from the company in addressing climate change. This includes how it will invest more in non-oil and gas businesses,” she said in a statement. Near term plans will be published by a September investor day, Looney said, adding BP is likely to produce fewer barrels by 2050.
Intensity-based targets measure the amount of greenhouse gas emissions per unit of energy or barrel of oil and gas produced. That means that absolute emissions can rise with growing production, even if the headline intensity metric falls.
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