BP raises transition targets

BP raised its energy transition targets on February 8, announcing it would allocate 40% of capital expenditure to low-carbon growth and aims to reach net-zero "full lifecycle" emissions from the products it sells by 2050.

The UK major made the announcement after reporting an eight-year high in profits for 2021, on the back of high oil and gas prices and rebounding energy demand.

"Over the past two years we have set a new purpose, direction and strategy ... and completed the largest reorganisation in our history," CEO Bernard Looney commented. "We enter 2022 with growing confidence. The past two years have reinforced our belief in opportunities that the energy transition presents."

By 2030, the share of capital expenditure that goes towards its "transition growth businesses" will reach 50%. BP is also now targeting a 50% cut in emissions from operations by the end of the decade, up from a previous target of 30-35%. The net-zero emissions goal for its products by 2050 compares with a previous target of a 50% reduction in the emissions intensity of those products.