13 Feb BP hold conference to blow smoke on short term goals
BP’s new chief executive, Bernard Looney yesterday, set out a plan to reinvent the company in a new global energy system to help tackle climate change, setting out ambitions to hit net zero by 2050 or sooner.
Mr Looney replaced Bob Dudley as chief executive of the British oil and gas company last week, but was overshadowed on his first day in charge as over 100 environmental activists delivered 500 solar panels to the central London building at early hours, as Looney prepared to take up his new role.
Following last weeks protest’s, Mr Looney published an announcement yesterday, about new aims of the company, stating that they are putting plans in place to reduce carbon intensity of the products they sell by 50% within the next 30 years, while also planning to increase production of oil and gas by one fifth.
BP will follow the lead of other major oil companies by launching a new team with a new structure, setting out a roadmap for BP to play a role in decarbonising energy. However, the fossil fuel giants have not set out any short-term goals, blowing smoke on the idea of making dramatic changes to the company, leaving observers waiting in the wings till September at the earliest.
Mr Looney said: “The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero. We all want energy that is reliable and affordable, but that is no longer enough. It must also be cleaner.”
He added, “So after many decades, we will be retiring the upstream/downstream model, that has served up so well. Replacing it with one that is more focused, more integrated and faces the transition head on”. *
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