Jesper Vaarwerk of Follow This asked the crucial question: Will BP’s current climate strategy lead to an absolute emission reduction of around 40% by 2030 for all Scopes?
Please listen to Bernard Looney’s answer carefully:
He commits to a decrease of 35-40% by 2030 of the “carbon content of the oil and gas production that is introduced into the world when BP drills a well”. This pledge includes only the oil and gas that BP produces itself (upstream). It excludes the fossil fuels that BP buys from third parties and subsequently sells, which cause the bulk of BP’s total emissions.
Regarding BP’s total emissions, Bernard Looney retreats in “carbon intensity”, without committing to absolute emission reductions.
According to research by Global Climate Insights, BP will not decrease absolute emissions by 2030. When presenting its climate strategy in 2020, BP said it expected “the absolute level of emissions to grow between now and 2030, even as the carbon intensity falls”. To achieve the goal of the Paris Climate Agreement, global emissions must decrease by around 40% by 2030.
We thank the investors who voted in favour of curbing emissions. Together with these shareholders, we must convince more shareholders that Big Oil will only change course when they vote in favour of climate resolutions requesting Paris-consistent emissions reduction targets.
Watch the entire discussion at the BP AGM below: