BP climate targets missing bulk of emissions, report says

BP climate targets missing bulk of emissions, report says

BP targets to reduce its absolute emissions account for less than a fifth of its total greenhouse gases, with material sales excluded, a new study shows.

The London-based oil and gas company set out a strategy two years ago to drastically slash emissions from its operations and products by 2050, while promising to ramp up investments in cleaner sources of energy. But Global Climate Insights estimates that oil and gas products will still account for 91% of its sales by the end of the decade.

“We find that under BP’s net zero plans, oil and gas products remain the primary driver of earnings,” GCI Lead Analyst Shu Ling Liauw said. “We are seeing a trend in the sector where ‘net zero’ strategies are completely detached from real business strategies and outcomes.”