Change is afoot at BP. Incoming Chief Executive Bernard Looney plans to expand t...
) as investor pressure over climate change mounts, said the sources who declined to be named as the plans have not yet been made public.
The new CEO and his team of close advisers have held an intensive series of closed-door meetings in recent weeks to outline the new strategy, according to three of the sources. BP will have to rely on revenue from an expanding oil and gas business to fund its green ambitions while maintaining the generous dividends that keep investors on board.
“Over the next decade, companies like BP will need to maintain supply of oil and gas, for which demand is continuing to grow. That will require ongoing investment. At the same time, they will need to prepare for a decarbonised future.” BP’s current targets are to reduce emissions from its own operations to net zero by 2025, equivalent to cutting 3.5 million tonnes of CO2 compared with 2016. It also agreed in a resolution adopted by shareholders to align its business with the 2015 Paris climate agreement goals.
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