BP: Carbon Neutral by 2050

How?

BP will still produce oil and gas in 2050 but less than it does now and it will invest more in low-carbon businesses. 

The pledge requires BP to cut or offset 360m tons of greenhouse emissions each year though tree-planting and/or carbon capture technologies.

Change in the business model

The model will no longer be upstream or downstream. There will be four new business areas: 

• production and operations
• customers and products
• gas and low-carbon energy
• innovation and engineering

Other environmental changes

The company will play a more active role in lobbying for policies that prompt action on the climate crisis. 

It will cut spending on corporate reputational sponsorship and redirect the funds towards promoting climate action.

The Guardian | BP sets net zero carbon target for 2050