Oil giant BP will become carbon neutral by 2050February 17, 2020
According to the statement of the new head of the company Bernard Looney, oil and gas production will be gradually reduced, and investments in renewable energy will increase. BP’s climate goals are among the most ambitious in the sector. However, even they may not be enough to prevent a climate catastrophe.
Fossil fuel companies are hardly environmentally responsible. However, the growing concern of society, politicians and investors due to global warming is forcing them to take action to reduce greenhouse gas emissions.
This trend is well illustrated by the example of the oil and gas giant BP, notes the MIT Technology Review. On Wednesday, Bernard Looney, the company’s new CEO, said it would be climate neutral by 2050. This means a complete cessation or compensation of emissions from the activities of the company, as well as from its oil and gas. To achieve this ambitious goal, emissions will have to be cut by 400 million tons of CO2 annually.
So far, BP has not provided a detailed plan on how exactly it plans to achieve climate neutrality. It will be published only in September. One of the measures mentioned by Looney will be the gradual reduction of fossil fuel production.
BP’s other possible steps to zero emissions include planting trees, trapping carbon dioxide from the air, and switching to renewable energy sources. The company may also withdraw its assets from the fossil fuel sector.
Statements by the oil giant sound very aggressive. The only oil and gas company whose climate obligations are more ambitious is the Spanish Repsol, which by 2050 plans to reduce to zero emissions from consumers burning the fuel it produces.
Other oil and gas companies have stated more modest goals. Royal Dutch Shell plans to reduce emissions from its own products by 20% by 2035 and by 50% by 2050. Total intends to reduce CO2 emissions by 6 million tons by 2025.
Despite some advances in the climate policy of the oil and gas giants, this may not be enough to fulfill the goals of the Paris Agreement and keep the temperature rise at 2 ° C. According to some estimates, to reduce the risk of climate catastrophe, fossil fuel producers need to reduce production by 35% by 2040. Instead, the sector continues to increase production and explore new fields. According to a recent report by the International Energy Agency, greenhouse gas emissions from the energy sector did not increase in 2019. This is mainly due to the decline in coal generation and the increase in the use of renewable energy in developed countries. At the same time, the global economy grew by 3%.
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