BP has become the latest to pledge net zero emissions by 2050. 'There is no reason that Exxon and Chevron can’t follow suit,” said one sustainability nonprofit.
BP PLC, under new leadership, has set an ambitious plan to eliminate or offset all carbon emissions from the oil and gas it produces by 2050.
“It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change. And we want to change — this is the right thing for the world and for BP,” said Looney, who replaced former CEO Bob Dudley earlier this month. “Now that BP, the last significant European holdout, has committed to setting Scope 3 targets, there is no reason that Exxon XOM, +1.22% and Chevron CVX, +0.75% can’t follow suit,” Logan said.
“Companies such as BP and Shell have always been stalwarts of many retail investors’ portfolios as strong dividend payers. Will this move by BP appease those calling for net-zero emissions? It is difficult to say, but shareholders also have to be realistic,” said Adam Vettese, an analyst at multi-asset investment platform eToro. “BP is one of the world’s largest oil companies. It’s not a wind farm.
A comprehensive investigation by the Guardian last year, before the CEO change at BP, revealed that the oil company planned to grow its production of oil and gas by about a fifth between 2018 and 2030.
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