Quantcast
Environmental News for a Healthier Planet and Life

BP Announces Net Zero Emissions by 2050 Target, but Offers No Details

Business
BP Announces Net Zero Emissions by 2050 Target, but Offers No Details
BP CEO Bernard Looney speaks during an event in London on Feb. 12, where he declared the company's intentions to achieve "net zero" carbon emissions by 2050. DANIEL LEAL-OLIVAS / AFP / Getty Images

British-based oil and gas giant BP set the most ambitious climate goal of any company in its industry yesterday when it announced that it will eliminate or offset all of its greenhouse gas emissions by 2050, according to The New York Times. Its ambitious plans included offsetting the burning of oil and gas it takes out of the ground.


The company's chief executive Bernard Looney, who stepped into the top job this month, said the 111-year-old company must "reinvent" itself, a strategy that will eventually include more investment in alternative energy, according to the BBC.

"The world's carbon budget is finite and running out fast," CEO Bernard Looney said in a statement, as CNN reported. "We need a rapid transition to net zero. We all want energy that is reliable and affordable, but that is no longer enough."

The pledge is a tacit acknowledgement of the pressure that fossil fuel producers face from the public and from investors who are either divesting or demanding action to stop the global climate crisis. While the move is significant, Looney did not detail a plan for how BP would hit its ambitious target, as The New York Times reported.

"We are aiming to earn back the trust of society," Looney said at a news conference in London, as The New York Times reported. "We have got to change, and change profoundly."

While the details are scant, Looney did acknowledge that much of BP's business model and its priorities will have to change in response to the climate crisis and to the changing demands of the market economy, which is looking for affordable renewable energy.

"This will certainly be a challenge, but also a tremendous opportunity. It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change. And we want to change - this is the right thing for the world and for BP," Looney said as the BBC reported.

"Providing the world with clean, reliable affordable energy will require nothing less than reimagining energy, and today that becomes BP's new purpose," he added. "Reimagining energy for people and our planet. We'll still be an energy company, but a very different kind of energy company: leaner, faster moving, lower carbon, and more valuable."

Looney said that details would be revealed at a presentation in September. As CNN noted, the commitment is the most ambitious of any oil company. Shell set targets to rein in emissions while Chevron and ExxonMobil are still far behind.

"They really are setting a new standard for what leadership looks like in the industry," Andrew Logan, senior director of oil and gas at Ceres, a nonprofit that lobbies for companies to take action on climate change, said as CNN reported.

Logan noted how important it was that BP acknowledged that it needs to offset the oil and the gas that consumers use, as MarketWatch reported. "There is no reason that Exxon and Chevron can't follow suit," he said.

The carbon footprint of the oil and gas that BP and other companies sell is massive. In its own reporting, BP said that the company emits about 55 million tons of greenhouse gases each year directly from its extraction operations and refineries. However, an additional 360 million tons each year is released when their extracted oil and gas is burned in vehicles or to heat homes, as The New York Times reported.

The plans drew a tepid response from environmental groups and even criticism from some who see fossil fuel extraction as something that needs to stop immediately.

"Unless BP commits clearly to stop searching for more oil and gas, and to keep their existing reserves in the ground, we shouldn't take a word of their P.R. spin seriously," Ellen Gibson, a campaigner for fossil-fuel divestment with the environmental group 350.org in Britain, said as The New York Times reported.

Plastic bails, left, and aluminum bails, right, are photographed at the Green Waste material recovery facility on Thursday, March 28, 2019, in San Jose, California. Aric Crabb / Digital First Media / Bay Area News via Getty Images

By Courtney Lindwall

Coined in the 1970s, the classic Earth Day mantra "Reduce, Reuse, Recycle" has encouraged consumers to take stock of the materials they buy, use, and often quickly pitch — all in the name of curbing pollution and saving the earth's resources. Most of us listened, or lord knows we tried. We've carried totes and refused straws and dutifully rinsed yogurt cartons before placing them in the appropriately marked bins. And yet, nearly half a century later, the United States still produces more than 35 million tons of plastic annually, and sends more and more of it into our oceans, lakes, soils, and bodies.

Read More Show Less
EcoWatch Daily Newsletter
Rise and Resist activist group marched together to demand climate and racial justice. Steve Sanchez / Pacific Press / LightRocket / Getty Images

By Alexandria Villaseñor

This story is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story.

My journey to becoming an activist began in late 2018. During a trip to California to visit family, the Camp Fire broke out. At the time, it was the most devastating and destructive wildfire in California history. Thousands of acres and structures burned, and many lives were lost. Since then, California's wildfires have accelerated: This past year, we saw the first-ever "gigafire," and by the end of 2020, more than four million acres had burned.

Read More Show Less
Trending
U.S. Interior Secretary Deb Haaland announced a pair of climate-related secretarial orders on Friday, April 16. U.S. Department of the Interior

By Jessica Corbett

As the Biden administration reviews the U.S. government's federal fossil fuels program and faces pressure to block any new dirty energy development, Interior Secretary Deb Haaland won praise from environmentalists on Friday for issuing a pair of climate-related secretarial orders.

Read More Show Less
David Attenborough narrates "The Year Earth Changed," premiering globally April 16 on Apple TV+. Apple

Next week marks the second Earth Day of the coronavirus pandemic. While a year of lockdowns and travel restrictions has limited our ability to explore the natural world and gather with others for its defense, it is still possible to experience the wonder and inspiration from the safety of your home.

Read More Show Less

By Michael Svoboda

For April's bookshelf we take a cue from Earth Day and step back to look at the bigger picture. It wasn't climate change that motivated people to attend the teach-ins and protests that marked that first observance in 1970; it was pollution, the destruction of wild lands and habitats, and the consequent deaths of species.

Read More Show Less