BP carbon emissions will remain at current levels into 2025, despite the company increasing its oil and gas output. The global oil major pledged to maintain its CO2 levels due to rising investor pressure to tackle climate change and the company’s desire to limit CO2 production to meet goals set out in the Paris Climate Agreement. BP photo.
BP carbon emissions limited by boosting gas production, cut methane leakage, limit excess gas flaring
Global energy company BP has set a goal of keeping its net emissions flat to 2025.
The BP carbon emissions goal is part of the the London, England-based company’s effort to appease investors who are pressuring the firm to cut pollution to help tackle climate change. As well, BP says it is limiting its CO2 production to do its part to reach goals set out in the Paris Climate agreement.
BP made the pledge, even though it plans to increase its oil and gas output.
The company says it plans to reduce CO2 emissions by 3.5 million tonnes by 2025 by boosting its production of cleaner-burning natural gas, cutting methane leakage and limiting the flaring of excess gas. BP says it is planning for zero routine flaring by 2030.
In its Advancing the Energy Transition report, BP says “We are one of the largest natural gas producers in the US. Our Lower 48 business is responsible for around half of BP’s total operated methane emissions – so we’ve made methane reduction here a priority.”
The company says it will also invest up to $500 million per year on renewable energy, including solar, wind and power storage.
BP says it is helping its customers cut their carbon footprint by offering 20 carbon neutral products and services, including carbon neutral lubricants, reduced plastic in packaging, lower carbon chemicals and jet fuel made from household waste.
All these moves will help BP control its net emissions and keep them stable at 51.2 million tonnes of CO2 between 2015 and 2025.
“We now know that a race to renewables will not be enough. To deliver significantly lower emissions every type of energy needs to be cleaner and better,” said Chief Executive Officer Bob Dudley.
BP’s CEO has called for the energy industry to play a leading role in the energy transition following the Paris Climate agreement which called for a limit on global warming by the end of this century.
As such, Dudley concedes that alongside the growing demand for energy, companies such as BP will continue to invest in new fossil fuel production at the same time they develop low-carbon energy sources.
BP belongs to the US-based Climate Leadership Council and the international Carbon Pricing Leadership Coalition – two groups that advocate for carbon pricing. The company says that by 2020, about two thirds of its direct emissions will be in countries subject to emissions and carbon policies.
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