BP says it remains committed to financial, climate ambitions - Reuters
BP says it remains committed to financial, climate ambitions | Reuters
BP says it remains committed to financial, climate ambitions
Logo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Acquire Licensing Rights
LONDON, Oct 10 (Reuters) - BP (BP.L) said on Tuesday it remained committed to its financial and carbon reduction ambitions, as interim Chief Executive Officer Murray Auchincloss hosted an investor day in Denver.
It was Auchincloss's first major investor event since taking the helm after Bernard Looney abruptly stepped down as CEO last month for failing to fully disclose relationships with colleagues.
"BP's strategy, financial frame and net zero ambition are unchanged," the energy group said in a statement.
"BP remains focused on delivering its strategy safely, with disciplined delivery, quarter-on-quarter, to meet 2025 targets and 2030 aims."
The company aims to achieve zero net carbon emissions by 2050 and to invest billions in renewable and low-carbon power. In February, BP scaled back plans to reduce oil and gas output by 2030 to 25% from 40% from 2019 levels.
In the presentation, BP also raised its forecast for earnings before interest, taxes, depreciation, and amortization (EBITDA) from oil and gas businesses for 2030 by $2 billion to $41 to $44 billion at an average oil price of $70 a barrel.
EBITDA for the whole company, including its renewables and low-carbon businesses, is now forecast to reach $53 to $58 billion, compared with $51 to $56 billion previously.
Reporting by Ron Bousso; Editing by Tomasz Janowski, Susan Fenton and Emelia Sithole-Matarise
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”