BP said it would work to eliminate almost all greenhouse gas emissions by 2050,media reported. It is unclear how a company will meet its net zero emissions target, especially one that sells products that heat up the planet.
BP says its goal is to slash emissions from fossil fuel combustion from its business and sales. It will also invest more in oil and gas alternatives over time, though it has not yet set a deadline for the transition. In addition, BP announced plans to radically restructure the company to help achieve its goals.
But it remains to be seen what form this remodeling will take, after all, it is one of the world’s largest oil and gas companies. BP is expected to produce about 8.6 million cubic feet of natural gas per day in 2018 and 2.64 million barrels of oil per day in 2019. In a question-and-answer session, Bernard Looney, the company’s CEO, said it was likely that the company would still be producing and refining hydrocarbons by 2050, but that they would invest less in oil and gas over time.
Advocates of change have reacted differently to BP’s latest move. Some investors praised the announcement of net zero emissions as ground-breaking, but others disagreed. Responding to BP on Twitter, Greenpace UK said: “It’s not ambitious enough, it’s not enough. “
Perhaps for BP, with this new target, it seems to be proving that fossil fuels can still power the future in some sort of clean way, and that all it has to do is solve its own carbon dioxide problem.