BP is now aiming to be a very different kind of energy company by 2030 as they intend to scale up their investment in low-carbon and make headway on reducing emissions. In February, BP set out its ambition to become a net-zero company by 2050 or sooner and help the world achieve the goal to net zero.
“We believe our new strategy provides a comprehensive and coherent approach to turn our net-zero ambition into action,” said Bernard Looney, CEO of BP. Within 10 years, BP aims to be a very different kind of energy company by:
- An increasing proportion of investment into non-oil & gas – 10 times what they invest today
- Helping big cities by providing more than 70,000 electric vehicle charging points against 7,500 today.
- Reducing oil and gas production by over 40% and no exploration in new countries.
- Emissions associated with carbon in BP’s upstream oil and gas production 35-40% lower by 2030.
This new strategy of BP will reshape its business as it pivots from being an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers.
Considering the statement and the action plan, BP is going to be the first, major oil company that walks the walk instead of just offering ambitions for 2050, like its peers.
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