Change is afoot at BP. Incoming Chief Executive Bernard Looney plans to expand the company’s climate targets and is considering overhauling the structure of the oil and gas major in one of the biggest shake-ups in its 111-year history. The 49-year-old Irishman plans to adopt broader carbon emissions reduction goals that will likely include emissions from fuels and products sold to customers rather than just the far lower emissions from BP’s own operations, according to four sources with knowledge of internal discussions with the new CEO. The aim is to catch up with, and possibly outdo, rivals such as Royal Dutch Shell (RDSa.L) and Repsol (REP.MC) as investor pressure over climate change mounts, said the sources who declined to be named as the plans have not yet been made public. More stringent climate targets could lead to London-based BP (BP.L) selling its most carbon-intensive businesses such as oil and gas fields in Angola and Canada, they added.
Reuters 22nd Jan 2020 read more »
The Church of England and Italian insurance giant Generali have both committed to fully decarbonising their investment portfolios 2050, after they became the latest major additions to the UN-backed Net-Zero Asset Owner Alliance today. The announcement, which came on the sidelines of the World Economic Forum in Davos, means all three national investment bodies linked to the Church of England would need to be aligned with limiting global warming to 1.5C, with a target to achieve net zero emissions throughout the portfolio by 2050.
Business Green 22nd Jan 2020 read more »
BP lobbied the Trump administration to weaken a landmark environmental law so that it would be harder to block major new oil and gas projects on climate change grounds, Unearthed can reveal. Earlier this month President Trump announced sweeping changes to the 50-year old National Environmental Policy Act (NEPA), which he blames for holding back major infrastructure projects such as roads and new oil pipelines. In recent years initiatives including the Keystone XL oil pipeline and government auctions of oil and gas leases have been delayed by federal judges on the grounds that their climate impacts have not been adequately assessed under NEPA. Documents seen by Unearthed now reveal that BP, together with its powerful trade association, the American Petroleum Institute (API), lobbied the White House to reform NEPA so that the climate impacts of major fossil fuel projects largely fall outside its scope.
Unearthed 23rd Jan 2020 read more »