BP to keep emissions flat to 2025 in low carbon report

BP has vowed to keep greenhouse gas emissions flat through to 2025 and made a pledge to renewable energy in its first ever low carbon report.

The British oil major’s low carbon agenda is headed by a target to reduce carbon dioxide emissions by 3.5 million tonnes a year, by limiting major pollutant methane from its operations, seeking lower emissions gas production and expanding its renewables business.

The report pointed to the £140 million investment in solar firm BP Lightsource as evidence of its commitment to renewable energy, along with its existing 13 wind farm sites in the US.

BP also outlined plans to focus heavily on natural gas in areas such as the Southern European corridor from the Shah Deniz field in the Caspian Sea across five countries to Italy.

Chief executive Bob Dudley said: “The world is growing like never before, creating opportunity for billions of people. And all this growth requires energy. But as the world demands more energy it also demands that it be produced and delivered in new ways, with fewer emissions.

“At BP, we embrace this dual challenge. We have always looked to the future, adapted to change and met challenges like this head on.

“In this report, we examine how the energy world is changing, set out our low carbon ambitions and show how we are helping to advance the energy transition.”

However, BP still plans to grow its oil production by 900,000 barrels per day between 2015 and 2021, while environmental leaders have dismissed the low-carbon report as ‘greenwash’ and a lightweight response to climate change.