Alternative Energy

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BP chief executive Bernard Looney said has a vision to reduce oil giant carbon footprint

New BP boss Bernard Looney, he wants to curtail The Company to strong net carbon emissions by 2050 or earlier.

Mr Looney of the 111-year said required the old Company to "reinvent" themselves-a strategy That is finally more investment in Alternative Energy .

BP has to fundamentally re-engineer the to help, make changes, said Mr. Looney, took over as chief executive last week.

It Follows similar moves by competitors including Royal Dutch Shell and Total.

Mr Looney said: "The World 's carbon budget is limited, and fast to run; we need a rapid transition to a net zero.

"trillions of dollars need to be invested in re-plumbing and rewiring of The World energy system. "

"This will certainly be a challenge, but also a tremendous opportunity. It is clear to me, and for our stakeholders, for BP to our role and our purpose, we need to change. And we want to change - this is The Right thing for The World and for BP. "

He outlined his plans in a keynote speech on Wednesday.

"providing The World with clean, reliable energy to need at affordable prices nothing less than a reimagining of energy, and today, the BP is a new purpose," he said. "Reimagining energy for the people and Our Planet . "

"We are still an energy Company , but a very different kind of energy Company : leaner, faster, carbon-and value-to move, low full. "

BP announced That it intends to become a zero-carbon-emissions of The Company by 2050 was not short of fanfare. It is the New Boss , the delivered 49-year-old Irishman, Bernard Looney, what The Company described as a groundbreaking speech in front of hundreds of journalists and investors.

But while he was clear what he wanted and why, he was less clear how and when. It is a commitment to reduce The Company 's investment in oil and gas exploration and investments in zero-and low-carbon energy in the course of Time .

But there was no commitment to specific goals in the last 30 years. In fact, he said That BP would still be in the oil-and-gas-business three decades from now, but in a sustainable way.

Finally, it will fall to his successors made good on promises today. But Mr. Looney said, to begin A Journey you need a destination. His critics would say, you need a detailed map on How To get there.

On Instagram, which Mr. Looney recently signed, he said: "rest assured - a lot of Time and Listening has in this. "

"All the fear and frustration of The World in the pace of change is a great thing. I want you to know That we are Listening . Both as a Company and me as an individual. "In the long term, BP plans less investment in oil and gas, and more investment in low-carbon companies.

The Company said it wanted a net "zero" by 2050 - That is, you want to produce The Greenhouse gas emissions from business activities and from oil and gas, not in addition to the amount of greenhouse gases in the atmosphere at this Time .

It also wants to halve the amount of carbon in its products by 2050.

Mr. Looney is not explained in detail, How To achieve it, his "net-zero" goal, something That drew criticism from environmental campaign organisation Greenpeace.

Charlie Kronick, oil Advisor of Greenpeace UK, said there were many Unanswered Questions . "How are you going to achieve net-zero? It will be by offsetting? When will you stop billion for drilling for oil and gas, we are not able to burn?

"What is the scope and the Time plan for the investment in renewable energy, they hardly mention? And what do you want to win do of this decade, to protect, as the fight for our climate, or lost?"

Mr. Looney addressed the criticism after his speech, to say: "We want a quick transition. A transition That will be delayed, And Then suddenly change in a right angle, That The World , upsets would be destructive for our society. "

"We start with a goal. The Details will come," he said.

A BP-oil-refinery

When asked whether That meant That the oil-and-gas-business would stop growing, Mr Looney said: "BP is in the oil-and-gas business for a very long Time . This is a fact. We pay a $8bn dividends [to shareholders] of each year. Not pay the is a way to ensure That we make the transition we want. "

However, he said, the existing oil-and-gas-business would shrink over Time . All of the remaining carbon, produced by the use of BP products recognized or compensated, he said.

Investor pressure

Climate Action 100+, a group of large investors who are trying to put pressure on the major emitters of greenhouse gases, to clean up their act, said BP's announcement was "welcome".

"We need to say a wholesale transition to a net-zero economy by 2050", Stephanie Pfeifer, a member of The Action group steering Committee.

"This is a must for oil and gas companies, if we are to have any chance of successfully addressing the climate crisis," said Ms. Pfeifer, who is also chief Executive of the Institutional Investors Group on Climate Change .

She Said That Climate Change is The Action of 100+ investors That the pressure on BP, already for the progress of The Company in the fight against Climate Change .

"part of it, as it is investment in non-oil and gas companies, and ensuring their lobbying activities support the provision of the Paris agreement," She Said .

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Source of news: bbc.com