logo
Plus   Neg
Share
Email

BP Commits $100 Mln To Fund New Emissions Reductions Projects

BP Plc. (BP.L,BP_UN.TO,BP) said that it has established a $100 million fund for projects that will deliver new greenhouse gas (GHG) emissions reductions in its Upstream oil and gas operations. The new Upstream Carbon Fund will provide significant further support to BP's work generating sustainable greenhouse gas emissions reductions in its operations.

In April 2018, BP set clear, near-term and specific targets aimed at reducing its emissions and advancing the energy transition, including achieving 3.5 million tonnes of sustainable GHG emissions reductions across the BP Group from 2016 to 2025 and targeting a methane intensity of 0.2%.

Under the new initiative, funding totalling up to $100 million will be made available over the next three years to support new projects in the Upstream that will generate additional GHG emission reductions. Businesses and employees throughout BP's Upstream operating businesses are being invited to come up with ideas and propose projects for this funding.

The Upstream Carbon Fund will be in addition to the $500 million that BP invests in low carbon activities each year, including investment in venturing activities and into its significant alternative energy business. BP is also a founding member of the Oil and Gas Climate Initiative, which brings together 13 of the world's largest energy companies and has set up a $1 billion investment fund to address methane emissions and other issues.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Just Egg, a plant-based egg alternative, will be available in 2,100 stores owned by grocery chain Kroger Co. later this month. The product launch comes as plant-based meat and egg alternatives gain traction in the country. Just Egg, a product of California-based food technology company Just Inc., will be available at Kroger-owned stores, including Kroger, Fred Meyer and Ralphs. Boeing has delivered the first 787-10 Dreamliner to Vietnam Airlines, the flag carrier of Vietnam, as part of the eight 787-10 Dreamliner airplanes to be delivered on lease through Air Lease. Vietnam Airlines said the 787-10 Dreamliner, claimed by Boeing to be the most fuel-efficient twin-aisle airplane in the industry, will help it raise the customer experience on the Hanoi to Ho Chi Minh route. The U.S. Food and Drug Administration or FDA announced on its website that pharma major Pfizer, Inc. issued recall of two lots of tablets meant to treat acute migraine in adults for concerns over bacteria infection. The pharma company is recalling two lots of Relpax (eletriptan hydrobromide) 40 mg tablets for potential presence of Genus Pseudomonas and Burkholderia bacteria.
Follow RTT