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Bernard Looney, BP’s new CEO. Source: BP

BP to make major organization changes in push to reach net zero by 2050

Oil major BP has set a new ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero.

BP said on Wednesday that this ambition is supported by ten aims, five to get BP to net zero and five aims to help the world get to net zero.

According to BP, the first five aims include net zero across BP’s operations on an absolute basis by 2050 or sooner; net zero on carbon in BP’s oil and gas production on an absolute basis by 2050 or sooner; 50% cut in the carbon intensity of products BP sells by 2050 or sooner; install methane measurement at all BP’s major oil and gas processing sites by 2023 and reduce methane intensity of operations by 50%; and increase the proportion of investment into non-oil and gas businesses over time.

Five aims to help the world get to net zero include more active advocacy for policies that support net zero, including carbon pricing; further incentivise BP’s workforce to deliver aims and mobilize them to advocate for net zero; set new expectations for relationships with trade associations; aim to be recognized as a leader for transparency of reporting, including supporting the recommendations of the TCFD; and launch a new team to help countries, cities and large companies decarbonise.

In order to deliver this, BP said it would fundamentally reorganize to become a more focused and more integrated company.

This change will comprise of four business groups (Production & Operations; Customers & Products; Gas & Low Carbon Energy; and Innovation & Engineering); three integrators to identify and maximize opportunities (Sustainability & Strategy; Regions, Cities & Solutions; and Trading & Shipping); and four core enablers to support business delivery (Finance; Legal; People & Culture; and Communications & Advocacy).

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