Oil major BP said it is aiming to be a net-zero company by 2050 or sooner, covering the greenhouse gas emissions from its operations worldwide

The company pegged its current emissions at around 55 million tonnes of CO₂ equivalent (MteCO₂e) a year, and the carbon in the oil and gas that it produces at around 360 MteCO₂e a year.

As one step toward its goal, BP said it plans to install methane measurement devices at all of its existing major oil and gas processing sites by 2023, and then reduce the methane intensity of its operations by 50%.

BP also said it expects to invest more in low-carbon businesses and less in oil and gas over an unspecified time. The goal is to invest wisely, into businesses where we can add value, develop at scale and deliver competitive returns, CEO Bernard Looney said in a statement.

Reorganization

BP also said it would implement a new organization structure. Under the plan, BP’s existing, largely autonomous business segments will be reorganized into an entity made up of 11 teams.

Performance and value growth will be delivered by four business groups: Production & Operations, Customers & Products, Gas & Low Carbon Energy and Innovation & Engineering.

Three teams will focus on finding and maximizing business: Strategy & Sustainability; Regions, Cities & Solutions; and Trading & Shipping.

And, four teams will focus on business delivery: Finance, Legal, People & Culture and Communications & Advocacy.

Advocacy

The company also said it would more actively advocate for carbon pricing; ending corporate reputation advertising; and redirecting resources to promote net-zero policies.

The company said it also would set "new expectations" for its relationships with trade associations, and said it would leave groups whose views do not align with its own.

BP said it planned to work with the Task Force on Climate-related Financial Disclosures (TCFD) and other groups to develop practices and standards for reporting transparency.