Amid ever-increasing concerns over climate risks, BP is the latest European oil and gas company to announce a climate goal with their net zero ambition. Having agreed to conduct probing scenario work in 2019, BP have now gone straight to setting themselves an ambition (this is not expressed as a binding “target”) for 2050. Unlike Total and Shell’s announcements over the last few years, BP pledges to cut the carbon emissions of its upstream production to zero on a net basis – thus placing a finite limit on the emissions from their oil and gas production and linking to the concept of the global carbon budget. While the devil will be in the detail, this certainly appears to be a big step forward for an integrated oil and gas company, moving the dialogue beyond the intensity ambitions we have generally seen to date. Shell’s ambition to lower intensity by 50% still enables the company to increase emissions overall, by producing more, even as they lower the average carbon emissions per unit of energy produced. Conversely, BP have taken pains to point out that their ambition will result in a reduction in the number of tonnes of CO2 entering the atmosphere from their production. Of course, ambition is just that – it’s not binding in any way.
Carbon Tracker 14th Feb 2020 read more »
Britain’s oil industry watchdog plans to overhaul its mission to wring as much value from the North Sea’s oil reserves as possible before the UN climate talks this year. The Oil and Gas Authority (OGA) was due to meet a government minister on Wednesday afternoon to discuss how the regulator, which was set up to extend the life of the North Sea, could play a part in tackling the climate crisis. Andy Samuel, the OGA’s chief executive, told delegates at an industry conference that the watchdog was considering how it could help the UK meet its climate targets and would open a consultation on how to redefine the OGA’s strategy within the coming months. “We will be discussing this with a minister this afternoon,” he said.
Guardian 26th Feb 2020 read more »