The London-based company said it would shrink oil-and-gas production by. The significance of this cannot be overstated, considering BP is a company built on oil.
In that same time period, BP will decuple its spending on low-carbon energy. "Decuple," as I just learned, means to multiply by ten. Expect BP gas stations of the future to have outlets for electric cars and perhaps hydrogen fuel. BP is investing big in retail. Oh, and the company pointed out that it sells a boatload of coffee every year.
What does this all mean for carbon emissions? The company said it would cut upstream emissions by as much as 40%.We went through BP's investor presentation. Here are the six key slides that map out the company's new strategy.The company said bioenergy including biofuel will be part of its strategy.
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