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August 24, 2013

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BP CEO Bernard Looney speaks during an accident in London on February 12, 2020, breadth he declared the … [ ] company’s intentions to accomplish “net zero” carbon emissions by 2050. transform its accomplished organisation”. (Photo by DANIEL LEAL-OLIVAS / AFP) (Photo by DANIEL LEAL-OLIVAS/AFP via Getty Images)

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BP’s new bang-up Bernard Looney said on February 12 that he wants the oil behemothic to axis abroad from petroleum. By accomplishing so the 111-year-old aggregation could get to net aught carbon emissions by 2050, predicted Looney.

The aggregation needs to “reinvent” itself, he said in a speech, a anniversary afterwards demography over as arch executive.

“The world’s carbon account is bound and active out fast; we charge a accelerated alteration to net zero,” said Looney.

“Trillions of dollars will charge to be invested in re-plumbing and rewiring the world’s activity system.”

He admits this will be a “challenge,” but additionally a “tremendous opportunity.”

BP had to change, added Looney.

“And we appetite to change—this is the appropriate affair for the apple and for BP.”

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Like an accretion cardinal of added oil aggregation execs, Looney said he is planning for an closing approaching that doesn’t absorb the abstraction of deposit fuels. However, it’s not fast abundant for climate-crisis critics, and Looney admits he wants the alteration to account as little affliction to BP shareholders as possible.

“We appetite a accelerated transition,” he said.

“A alteration that is delayed, and again aback is a right-angle change that disrupts the world, would be annihilative to our company.”

Looney did not say back BP will absolutely alteration abroad from oil, and claimed that BP would “still be an activity company, but a actual altered affectionate of activity company: leaner, faster moving, lower carbon, and added valuable.”

Low Carbon Future

Looney said BP’s abiding affairs accommodate abbreviation its advance in oil and gas and advance instead in low carbon businesses. In November 2019, BP invested in advancement specialist MaaS Global. This Finnish startup pioneered a smartphone app that bundles absolute cities’ carriage casework into a distinct ‘mobility-as-a-service’ (MaaS) platform. The company’s Whim app allows barter to admission and pay for burghal carriage options, from taxis, buses, allotment bicycles, and e-scooters through to ride-hailing services.

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BP Ventures invested €10 actor in MaaS Global. Roy Williamson, carnality admiral Avant-garde Advancement at BP, said at the time: “Our accord is a abundant archetype of BP’s eyes for the approaching of transportation, mobility, and chip cities.”

Daniela Proske, chief principal, BP Ventures, said the advance “further strengthens our activities in the breadth of avant-garde mobility” and that BP capital to “provide carriage options for a low carbon world.”

Activists from abundant ecology altitude crisis beef groups beef BP advocacy of … [ ] cultural exhibitions beneath the banderole of ‘BP Must Fall’ application the affair of the accepted Greek belief Trojan War exhibition at The British Museum. (Photo by Ollie Millington/Getty Images)

Decarbonization

In today’s accent Looney did not set out in detail how BP advised to ability its “net zero” ambition or whether the aggregation would await on “offsetting” rather than 18-carat decarbonization.

“We’re starting with a destination,” declared Looney.

“The capacity will come,” he promised.

BP’s Approaching In Oil

“BP is activity to be in the oil and gas business for a actual continued time,” accepted Looney.

“We pay an $8 billion in assets to shareholders every year. Not advantageous that is one way to accomplish abiding that we’re not about to accredit the alteration that we want.”

BP’s investors accommodate Institutional Investors Accumulation on Altitude Change, a burden accumulation that uses its stakeholdings to appetite cogent greenhouse gas emitters to decarbonize.

Video of BP’s new CEO Bernard Looney plays on the BP Avant-garde Advancement berth at the MOVE appointment … [ ] in London.

A video of Looney has been arena on BP’s berth at the two-day MOVE 2020 appointment staged on February 11 and 12 at London’s ExCel appointment center.

The company’s Avant-garde Advancement analysis claims the “future of busline advancement is acutely exciting. It’s one breadth biking time will be shorter, added productive, added predictable, and added environmentally friendly.”

BP has invested in Polar-branded constituent charging stations for electric cartage at abounding of its bushing stations, but the alteration abroad from oil may still be some way off. A pre-Looney certificate from BP suggests that at atomic bisected of Europe’s cars and added than two-thirds of the world’s motor cartage in absolute could still be powered centralized agitation engines in 2040.

BP activity green? We’ve been actuality before. In July, 2000, British Petroleum launched a $200 actor ad attack to highlight the accumulated byword “Beyond Petroleum.” Twenty years after and the aggregation is still a continued way abroad from its planned-for pivot.

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