BP’s pledge to zero out all its carbon emissions by 2050 boosts the pressure for Exxon Mobil and Chevron to do more about climate change.
BP’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more.
The growing outcry against human-made global warming is increasingly making its way into mainstream business and investment strategies. It has already reshaped the way European oil producers operate by actively engaging in the transition to cleaner energy sources.Exxon and Chevron agree with the goals of the Paris Climate Agreement, support a carbon tax and are committed to cleaning up emissions from their vast network of wells, refineries and pipelines.
BP went further than any other oil giant by pledging to become net zero, meaning it’s aiming to completely offset its emissions with renewable energy. Spain’s Repsol recently made a similar commitment.Even so, environmentalists shouldn’t get their hopes up. “I don’t see Chevron or Exxon adopting a BP-like strategy in the near future,” Janus’ Barrett said. “The U.S. majors have historically been less aggressive in their shift away from traditional oil and gas.
Chevron is investing in early-stage technologies that could aid carbon capture and energy storage, but they are small fraction of its budget.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Massive fire breaks out at Exxon refinery in Baton Rouge, LouisianaExxon said a volunteer fire crew had the blaze at the facility in Baton Rouge contained and no injuries have been reported.
Read more »
Oil Giant BP Has Pledged To Go Carbon Neutral By 2050'Any move like this has to be looked at with a critical eye to see if it's greenwashing or if it's real,' one climate activist said.
Read more »
BP boss Looney sets out to 'reinvent' oil giant with zero carbon goalBP chief executive Bernard Looney may be new to the job, but he's already set the oil giant an ambitious goal. He wants the company to become a net zero carbon emitter by 2050
Read more »
BP boss Looney 'reinvents' oil giant with zero carbon goalBP plans to sharply reduce its carbon emissions by 2050 as part of a reinvention of the 111-year old company by newly-appointed chief executive Bernard Looney
Read more »
Oil giant BP is latest to pledge net zero emissions by 2050BP has become the latest to pledge net zero emissions by 2050. 'There is no reason that Exxon and Chevron can’t follow suit,” said one sustainability nonprofit.
Read more »
6 Things We Learned From Chrissy Teigen’s Pantry OrganizerYes, there are before-and-afters, and yes, we asked about Chrissy.
Read more »