BP Commits to Cut Carbon Emissions

British Petroleum Goes Green - "Reimagining Energy" Commitment

Source:  BP

Aggressive Commitment to Eliminate or Offset Carbon Emissions

Big oil is at the epicenter and the primary cause of global climate change.  So it is major news when the British oil giant BP promises to eliminate or offset all carbon emissions from its operations and from the products it sells globally by 2050. This is the most radical strategic position that BP has taken in its 111 year global oil and gas history. They call their commitment "Reimagining Energy". The question being asked by many around the world is:  How is BP going to do it?

Huge Amounts of Carbon Emissions Yearly

The amount of toxic carbon emissions that BP is committing to eliminate is huge.  Every year, 55 million metric tons of carbon emissions spew into the atmosphere from BP operations. That amount is dwarfed by carbon emissions from BP customers using their energy products.  Global BP product use creates 360 million metric tons of carbon emissions every year.

How Will BP Meet Its Goals

In order to achieve its carbon emissions target, BP will have to shift to cleaner energy products. It also needs to develop new technologies to offset emissions and remove them from the atmosphere.  The industry leading plan was announced by BP's new CEO Bernard Looney.  To achieve the goals, he says BP will "reorganize" to invest more in "low carbon businesses" and less in gas and oil.  BP has a long way to go, as BP spends 3.2% of its budget on renewable energy.  The industry average is 7.4%. Nonetheless, BP has taken a bold stand on climate change and the world will be watching.