NEWS COMMENTARY

In line with its peers, BP pledges net-zero emissions by 2050

Published:
February 12, 2020
Coverage:
Owning the Energy Transition More...
Activities:
Strategy
by Holly Havel
Very important

Following Repsol and Equinor, BP is the next oil major committing to net-zero emissions across its operations by 2050. Similar to Repsol, the company's net-zero pledge also addresses Scope 3 emissions to account for end-use emissions from its oil and gas products, which is an important milestone for the industry as it looks to meet the required carbon intensities set by the Paris Agreement. The press release references methane detection and low carbon investments, but clients should note that BP's broader decarbonization strategy is centered around completely restructuring the organization. BP has struggled to reinvent itself in the past but may find more success as the industry reaches a turning point in the evolving energy transition.

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