At a Glance: BP Says Progress Made in Shift Toward Low-Carbon Goals
November 02 2021 - 12:53PM
Dow Jones News
By Giulia Petroni
BP PLC said Tuesday that it has made progress with its plans to
reduce oil-and-gas production and expand in lower-carbon energy
after setting up net-zero goals last year.
The London-listed company said it has added a further 2
gigawatts to its renewables pipeline in the third quarter of the
year, while its renewable-development arm Lightsource bp has
increased its growth target by 25% to 25 GW by 2025.
BP's strategy to cut net emissions to zero by 2050 includes:
--Cutting oil-and-gas production by 40% from 2019 levels by 2030
through active portfolio management/
--Increasing low-carbon investment 10-fold to around $5 billion
a year by 2030, building an integrated portfolio that counts in
renewables, bioenergy, hydrogen and carbon capture and storage
technology.
--Developing renewable-generating capacity of 20 gigawatts by
2025 and around 50 GW by 2030, which would represent a 20-fold
increase from 2019.
--Cutting emissions from operations by 30%-35% and from upstream
oil-and-gas production by 35%-40%, while reducing the carbon
intensity of its products by more than 15% from 2019 levels by
2030.
Chief Executive Officer Bernard Looney said Tuesday that keeping
the company's fossil-fuel and renewable-energy operations together
makes sense as cash flows from oil and gas help fund low-carbon
businesses. He said he wasn't aware of any investors wanting to
split BP's operations.
Mr. Looney's comments came after Royal Dutch Shell PLC's
activist investor Third Point LLC last month called for the
Anglo-Dutch major to split into different companies to improve its
environmental and financial performance.
Sarah McFarlane contributed to this article.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 02, 2021 12:38 ET (16:38 GMT)
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