He’d only been in the job for two weeks when in February 2020 CEO Bernard Looney set out bp’s biggest revamp in the British business’ 113-year history: to become a net zero company by 2050 or sooner, and to help the world get to net zero.
“We have been listening to investors, partners, policymakers, NGOs, academics, the media – and, of course, my colleagues at bp. And everywhere I have been – inside bp as well as outside – I have come away with one inescapable conclusion. We have got to change. I do not say that lightly, because I love this company,” Looney said at the ambition launch event in February 2020.
“But we have got to change – and change profoundly. We have to because the world is changing fast, and so are society’s expectations of us. But it is more than having to change – we want to change. We want to change because it is the right thing for the world, and it is a tremendous business opportunity for bp.”
Looney outlined bp would do this by reimagining energy and reinventing bp, and announced five aims to get the firm to net zero:
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