British oil major BP announced that it will leave three US-based organisations, following a review examining the alignment of their climate-related policies and activities with BP’s positions. This comes as BP unveiled ambition to become a net zero company by 2050, earlier this month.
Oil major BP has set a new ambition to become a net zero company by 2050 or sooner, aiming to help the world get to net zero, in line with the global environmental goals. The company announced that its ambition is based on ten aims, five to get BP to net zero and five aims to help the world get to net zero.
BP Ventures announced an investment of $30 million in California-based start-up Calysta, Inc., that will use BP’s natural gas to produce protein for fish, livestock and pet feeds. This investment aligns with BP’s strategy of creating new markets in which gas can play a material role in delivering a more sustainable future.
In light of BP’s annual general meeting, Helge Lund, BP’s Chairman, wrote an op-ed to the Financial Times, explaining why the oil company is in favour of the Climate Action 100+ resolution and why it aims to a quick transition to a low carbon energy system.
According to Greenpeace, activists blocked the entrances to BP’s headquarters in London, demanding an end to all new oil and gas exploration. The campaigners arrived at 3 am, on Monday, May 20 and climbed the heavy containers; The protest is linked to BP’s annual general meeting on Tuesday, May 21.
London-based oil major BP announced it will support a call from investor participants of the Climate Action 100+ initiative, for the company to broaden its corporate reporting to describe how its strategy is consistent with the goals of the Paris Agreement. Investors proposed a resolution to be put to shareholders at the company’s annual general meeting in May 2019.
BP’s Energy Outlook projects that the so-called ‘shale revolution’ will continue, with shale gas more than doubling its share of the market. Technological innovation and productivity gains have unlocked vast resources of tight oil and shale gas, causing us to revise the outlook for US production successively higher.
According to BP’s Energy Outlook, energy consumption is expected to increase by 34% between 2014 and 2035. The extra energy is required because of the expected growth in the world economy as well as the rising global population.
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