London — BP’s flashy February rebrand left many wondering whether the oil major could make good on its promise to transform itself into a net-zero emissions company by 2050.
Overall, BP has gone further than any oil company but there are areas of concern. Below is an assessment of the goals and how ambitious analysts and campaigners consider them.Develop 50GW by 2030, from 2.5GW today: Although hard to make direct comparisons with competitors, BP’s goal of 50GW is about the same level as the current installed capacity of all clean energy in the UK — a world leader in offshore wind.
“BP’s biggest risk is that they’ll have to target mergers and acquisitions aggressively to reach their renewables targets,” said Christyan Malek, JPMorgan Chase’s head of EMEA oil and gas.Make up 10% share of certain markets: This is a very early stage goal, with little detail yet. BP plans to identify what are ‘core markets’ for hydrogen and then make up 10% of each of them. But it's not yet clear how many of these markets will exist by 2030 or how BP plans to define them.
“Slashing oil and gas production and investing in renewable energy is what Shell and the rest of the oil industry needs to do for the world to stand a chance of meeting our global climate targets,” Mel Evans, senior climate campaigner for Greenpeace UK, said. “This is a necessary and encouraging start.”
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