As such, BP’s announcement was less of a
detailed restructuring plan and more of a
statement of intent from a company that is
trying, like the wider energy industry, to ensure
its long-term viability as the world decreases
its reliance on fossil fuels in an effort to fight
climate change.
“The world’s carbon budget is finite and
running out fast; we need a rapid transition
to net zero,’’ CEO Bernard Looney said in a
statement. “We all want energy that is reliable
and affordable, but that is no longer enough.
It must also be cleaner.’’
In a presentation in London that featured
climate scientists, investors and journalists,
Looney acknowledged that targets and more
specifics would follow. He compared the
announcements, which come only two weeks
into his tenure as CEO, as being setting the
destination in a GPS.
“We’re starting with a destination,” he said.
“The details will come.”
Other energy companies have expressed similar
ambitions as public awareness of climate
change - and the energy industry’s role in
emitting CO 2 - has grown.
Bob Ward, policy and communications director
at the Grantham Research Institute on Climate
Change and the Environment, called BP’s plans
a “bold strategic move” that will put pressure on
other oil companies to follow suit. But he said
they don’t go far enough if the world is going
to meet the goal of limiting global warming to
1.5 degrees Celsius over pre-industrial levels.