BP’s “net-zero carbon” target will include an eventual shift toward increased investments in low-carbon businesses and less in oil and gas over time. (Source: Jonathan Weiss / Shutterstock.com)
BP Plc announced on Feb. 26 plans to exit three U.S.-based trade organizations, including Western Energy Alliance (WEA), as the British oil major’s new CEO seeks to reach ambitious targets for curbing carbon emissions.
Shortly after taking over as CEO earlier this month, Bernard unveiled bold plans for BP to become a “net-zero carbon” company by 2050 or sooner. The target would include an eventual shift toward increased investments in low-carbon businesses and less in oil and gas over time.
“BP will pursue opportunities to work with organizations who share our ambitious and progressive approach to the energy transition,” Looney said in a statement.
It will also not renew its membership in the Western States Petroleum Association and American Fuel & Petrochemical Manufacturers (AFPM). The company said its view on carbon pricing and that of AFPM, in particular, were “at odds and currently we have no areas of full alignment,” according to a report from Reuters.
The departures are part of an in-depth review, which BP called an ongoing process. The company said it has also identified a further five organizations with which it is only partially aligned on climate and has communicated these differences to these associations.
BP will remain a member of the American Petroleum Institute, the country’s largest energy association, although it is only partially aligned with its positions, the Reuters report said.
WEA is a nonprofit trade association representing more than 300 companies engaged in all aspects of environmentally responsible exploration and production of oil and natural gas in the western U.S. The organization, formed in 1974, promotes the beneficial use and development of oil and natural gas, and the important economic, environmental and energy security solutions provided by the upstream industry, according to its website.
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