BP boss defends ‘bold’ net-zero transition strategy
Oil major on track to meet 2025 renewables target and will grow earnings from oil despite production cuts
BP chief executive Bernard Looney has defended the oil major’s “bold” transition strategy, saying shareholders and wider society have growing confidence in the direction the company is taking. BP has set an absolute emissions reduction target of reaching net zero on scope one, two, and three emissions by 2050, and has set an interim goal measured on an absolute basis for a 20pc reduction below 2016 levels by 2025. “Society broadly is very much in favour of what we are doing,” Looney told a Reuters energy transition event this week. “In many ways, society got us to where we got to with the decisions that we took. And therefore, I think in broad terms, society is very pleased, very encouraged
Also in this section
28 March 2024
US company aims to accelerate deployment of new technologies offered by Norwegian pureplay CCS firm
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity