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No net-zero emissions plan is credible, unless there are short-term goals. Today, after posting a record loss and cutting its dividend, BP announced its short-term goals.
Ambitious? Greenwashing?
? You tell me.
Thread below
PS: stock is up 7%
Ambitious? Greenwashing?
? You tell me. Thread below
PS: stock is up 7%
The emissions from the oil company that matter the most are Scope 3 emissions, which is >80% of its total emissions and are mostly generated when customers burn its products.
BP will cut "upstream emissions" by 30-35% by 2030. From 360 million tons today to 235 million tons.
BP will cut "upstream emissions" by 30-35% by 2030. From 360 million tons today to 235 million tons.
It will achieve that, in part, by cutting oil and gas production by 40%, down from 2.6 million boe/d to 1.5 million boe/d.
The upshot: 125 million tons. It's like cutting five Apple worth of emissions. https://www.bloomberg.com/news/articles/2020-07-28/esg-investing-apple-s-climate-plan-will-cut-carbon-footprint?sref=jjXJRDFv
The upshot: 125 million tons. It's like cutting five Apple worth of emissions. https://www.bloomberg.com/news/articles/2020-07-28/esg-investing-apple-s-climate-plan-will-cut-carbon-footprint?sref=jjXJRDFv
As I've reported before, BP here is only taking responsibility for the oil and gas it extracts. The company also refines and markets products made up from crude that others extract. If you add those, BP's total emissions go up to 1 billion tons. https://www.bloomberg.com/news/articles/2020-05-12/big-oil-has-big-plans-for-net-zero-are-they-credible?sref=jjXJRDFv
That said, the limited emissions it is taking responsibility for, it will be aiming to cut on an absolute basis. That's why @CarbonBubble put the company at rank #3 among other majors. https://carbontracker.org/reports/absolute-impact/
Reduction in production and emissions cuts are much more ambitious than what would have been needed under a scenario to keep global average temperature rise under 1.6 deg Celsius (B2DS), per @CarbonBubble's report.
So far, it's the wind down carbon stuff. Now ramping up low-carbon stuff.
Investment in low-carbon stuff goes from $500 million today to $4 billion in 2025. That would make low-carbon >25% of all investment then.
Investment in low-carbon stuff goes from $500 million today to $4 billion in 2025. That would make low-carbon >25% of all investment then.
By 2030, the goal is to build/own 50 GW of renewables. That's approximately how much renewables (solar and wind) are installed in the UK today.
Additional context: the world's largest renewable developer operates about 35 GW today. No prize for guessing it's Chinese.
Additional context: the world's largest renewable developer operates about 35 GW today. No prize for guessing it's Chinese.
The EV charging network goal is interesting, but only if a large majority of the 70,000 chargers BP aims to have operating in 2030 are fast/ultrafast.
All other goals: hydrogen, bioenergy, "energy partnerships with cities" are soft or small or ill-defined.
All other goals: hydrogen, bioenergy, "energy partnerships with cities" are soft or small or ill-defined.
A look into BP ventures investments in "low carbon" showed it is investing in companies that will make O&G operations more efficient (typically cheaper + lower carbon). In 2030, it will still be spending two-thirds of capital on O&G, so it makes sense. https://unearthed.greenpeace.org/2020/08/02/bp-low-carbon-venture-capital-spent-on-fossil-fuels/
This net-zero rebranding is not BP's first time. Remember 2005?
Things are decidedly different outside tho. Paris climate agreement. Cheap solar and wind. European countries setting legal net-zero emissions goals. Electric cars reaching parity. https://twitter.com/chri_gru/status/1158835893358256134
Things are decidedly different outside tho. Paris climate agreement. Cheap solar and wind. European countries setting legal net-zero emissions goals. Electric cars reaching parity. https://twitter.com/chri_gru/status/1158835893358256134
All oil company climate plans tweet threads should end with this:
ExxonMobil does not have a climate plan. It does not report or take responsibility of its Scope 3 emissions. It doesn't provide long-term oil price assumptions to test stranded assets. https://www.bloomberg.com/news/articles/2020-07-01/climate-minded-investors-prod-exxon-chevron-on-oil-price-outlook
ExxonMobil does not have a climate plan. It does not report or take responsibility of its Scope 3 emissions. It doesn't provide long-term oil price assumptions to test stranded assets. https://www.bloomberg.com/news/articles/2020-07-01/climate-minded-investors-prod-exxon-chevron-on-oil-price-outlook
The story, with @MathisWilliam https://www.bloomberg.com/news/articles/2020-08-05/climate-news-is-bp-the-geenest-oil-company-in-the-world-now
