BP deepens emission target as CEO Looney seeks to reinvent the oil major

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BP deepens emission target as CEO Looney seeks to reinvent the oil major

On Wednesday, the 12th of February 2020, BP Plc., the London-based oil and gas supermajor, had unfurled one of the oil industry’s most ambitious carbon emission curbing targets as the 111-year-old gas and oil supermajor’s newly appointed Chief Executive Bernard Looney had been eyeing one of the biggest revamps the company had ever witnessed.

In point of fact, although BP Plc.’s stakeholders had welcomed the London-based energy behemoth’s target to curb carbon emission to net zero by 2050, an ambitious move that would be putting the British oil major ahead of its rivals likes of Total, Royal Dutch Shell and all of the US majors in terms of being carbon neutral, nevertheless, a bunch of environmental campaigners had criticized BP Plc.’s latest remark saying it lacked transparency.

Meanwhile, underscoring a need to “reinvent BP,” the British energy supermajor’s newly elected Chief Executive said in his first major speech on Wednesday (February 12th), “We have got to change and change profoundly because the world is changing fast and so are society’s expectations of us.

It is aiming to reduce and neutralize the carbon in the oil and gas that we dig out of the ground. ” Nonetheless, neither BP Plc. nor its Chief Looney clarified on Wednesday (February 12th) how the oil major was planning to curb its carbon emission to net zero during operation and to halve the intensity of emission of all of the products it would be selling including petrol alongside diesel, a measure dubbed as the “Scope III”.