12th February 2019, London – BP’s promise today to be “net zero by 2050” is simply not credible for an organisation that is still planning to invest heavily in new oil and gas, according to climate NGO Global Witness.
The announcement comes as the company’s new CEO is set to deliver a webcast in an attempt to “set a new course” for BP, in response to a growing public consensus around the immediate danger of the climate crisis.
Our research has found that as of 2019, more than half of BP’s $140 billion planned investment in oil and gas over the next decade is incompatible with reducing global warming to 1.5 degrees C, as per the Paris Agreement - any investment in new oil and gas is not compatible with achieving this target. Likewise BP’s announcement today places gas within it’s low-carbon category, despite a needed reduction of at least 40% in gas production to reach the Paris goal. According to the company’s latest figures 96% of its investments go into fossil fuels, with only 4% on clean technologies.
Murray Worthy, Oil and Gas Campaign Team Leader at Global Witness, said:
“There is nothing ambitious about a plan that is simply not credible. BP’s net zero pledge looks like an attempt to grab some positive headlines by a new CEO, but with little of substance to show how it will achieve these grand claims.”
“The only way these plans could be considered credible is if BP immediately stops drilling for new oil and gas and until this happens they will continue to a driving force behind the climate crisis our planet faces. Positioning itself as a climate leader while labelling gas as low-carbon is just another example of why the world still cannot take BP seriously.”
“Saying that they will invest more in low carbon tech and less in oil and gas ‘over time’ is not a credible plan for reaching net zero – the science is clear that this shift has to happen immediately.
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