2 October 2020

BP fleshes out net-zero pledge

CEO Bernard Looney and his senior team used BP Week 2020 to explain how the major plans to pivot its business and fulfil its 2050 goal

When CEO Bernard Looney in February committed BP to net-zero carbon emissions by 2050, it is fair to say there was some industry scepticism about how the 111-year-old IOC could achieve its aim. BP Week went a substantial way to explaining what transforming into an integrated energy company would mean in practice. “Our ambition is to become a net-zero company by 2050 or sooner and to help the world get to net zero,” says Looney while adding several nearer-term milestones to provide transparency on its progress. These includes some big changes by 2030, such as a tenfold increase in low carbon investment, to c.$5bn/yr; a 20-fold increase in developed net renewable generating capacity, to 50G

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