“The oil and gas industry can only survive the
next few decades if they take ownership of
the rapid transition to zero-emissions energy,”
Ward said. ”However, what is lacking from BP’s
announcement is any indication of whether
the company accepts that there will be a
major reduction in the global demand for its
hydrocarbon fuels.”
BP said it plans to help customers reduce their
emissions by cutting in half the amount of
greenhouse gases produced by the fuels it sells
by 2050. The company also said it will increase
investment in “low carbon businesses” and
put less money into oil and gas businesses in
coming years.
It said it would install monitoring equipment
at all oil and gas processing plants by 2023 as
it seeks to reduce the amount of methane the
facilities release into the environment by 50%.
On a broader level, the company said it would
work to promote policies that move society
toward net-zero emissions. BP said it will stop
“corporate reputation advertising” and shift that
spending toward promoting carbon reduction.
Looney said society will have to invest trillions of
dollars “in replumbing and rewiring the world’s
energy system.”
He stressed that BP’s commitment is to
eventually reach net-zero emissions both for its
own operations and for the fuels it sells.
“This is what we mean by making BP net
zero,’’ he said. “It directly addresses all the
carbon we get out of the ground as well as
all the greenhouse gases we emit from
our operations.”