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
22 July 2025
Sinopec hosts launch of global sharing platform as Beijing looks to draw on international investors and expertise
22 July 2025
Africa’s most populous nation puts cap-and-trade and voluntary markets at the centre of its emerging strategy to achieve net zero by 2060
17 July 2025
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
9 July 2025
Latin American country plans a cap-and-trade system and supports the scale-up of CCS as it prepares to host COP30