BP seeks to have net zero carbon emissions by 2050

Feb. 12 (UPI) -- British oil company BP announced plans Wednesday to offset all its carbon emissions by 2050.

The company said it's making changes to its business to help the world reach net zero carbon emissions. It's doing so through a series of goals, including:

-- Reaching net zero across all BP operations by 2050.

-- Reaching net zero on carbon in BP's oil and gas production by 2050.

-- A 50 percent cut in the carbon intensity of products BP sells by 2050.

-- Installing methane measurement at all BP's major oil and gas processing sites by 2023 and reducing methane intensity of operations by 50 percent.

-- Increasing the proportion of investment into non-oil and gas businesses over time.

"The world's carbon budget is finite and running out fast; we need a rapid transition to net zero," BP CEO Bernard Looney said. "We all want energy that is reliable and affordable, but that is no longer enough. It must also be cleaner. To deliver that, trillions of dollars will need to be invested in replumbing and rewiring the world's energy system. It will require nothing short of reimagining energy as we know it."

BP said it plans to advocate for policies that support net-zero efforts and wants to be recognized as a leader on the issue.

"Aiming for net zero is not only the right thing for BP, it is the right thing for our shareholders and for society more broadly," BP Chairman Helge Lund said. "As we embark on this ambitious agenda, we will maintain a strong focus on safe, reliable and efficient operations and on delivering the promises we have made to our investors."