BP makes historic pivot to net zero as TCFD nets 1,000 fans

BP petrol pumps fossil fuel from Adobe 12Feb20 575x375
By Jon Hay
12 Feb 2020

Two milestones were passed on Wednesday, in the financial sector’s recognition of the reality of climate change — BP, the oil and gas group, revealed a new “net zero” strategy, and the Task Force on Climate-Related Financial Disclosures announced it had 1,000 supporters. But how much impact these moves have will depend on future actions.

BP's new CEO Bernard Looney declared its “new purpose” and “new ambition” on Wednesday morning: “to become a net zero company by 2050 or sooner, and to help the world get to net zero”. He said BP would “fundamentally transform its whole organisation”.

This will include reducing to ...

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