BP set one of the oil industry’s most ambitious targets for curbing carbon emissions Wednesday as new CEO Bernard Looney started the most significant revamp in its 111-year history.
While investor teams embraced the 2050 targets set out by Looney, which put BP ahead of competitors Royal Dutch Shell, Complete, Equinor, and all of the U.S. oil giants, environmental campaigners criticized a lack of detail.
BP didn’t say how it intends to get emissions from its activities and barrels produced to net-zero and halve the intensity of emissions by all merchandise it sells, including diesel and petrol, a measure often called Scope 3.
The firm has tried and failed to reinvent itself before, with a pioneering plan to construct a large renewables enterprise in the early 2000s, which ended with huge losses.
One possible strategy to hit greenhouse fuel reduction targets is to buy offset certificates and wager on carbon capture and storage technology, which isn’t yet used on a commercial scale.
However, Charlie Kronick, Oil Advisor from Greenpeace UK, was skeptical about how BP can deliver.
Shares in BP have been up 1.3%, roughly in line with the broader European energy sector index after the news.