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BP Targets Absolute Reductions In Greenhouse Gas Emissions By 2050

BP plc (BP.L,BP_UN.TO,BP) announced its new ambition to become a net zero company by 2050 or sooner which covers the greenhouse gas emissions from its operations worldwide, and the carbon in the oil and gas that it produces. BP also aims to halve the carbon intensity of the products it sells, by 2050 or sooner. The company plans to install methane measurement at all of its existing major oil and gas processing sites by 2023 and then reduce the methane intensity of its operations by 50%.

To deliver the new aims, BP's existing business segments - upstream and downstream - will be dismantled and the group reorganised globally into a more integrated entity, comprising 11 teams.

"We expect to invest more in low carbon businesses - and less in oil and gas - over time," said CEO Bernard Looney.

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