April 17, 2018 Read More →

BP Commits to Zero Net Emissions Growth

Houston Chronicle:

BP said Monday that it will hold greenhouse gas emissions from its operations at or below its 2015 levels in the years ahead as the world’s biggest oil companies prepare for a lower carbon future that could threaten their businesses.

The British oil major released an “Advancing the Energy Transition” report that detailed its plans to reduce its pollution levels, especially its emissions of methane, the main component of natural gas and a potent greenhouse gas. Controlling methane emissions, which escape from wells and pipelines, is gaining more attention in the energy sector as BP and other companies shift investments to cleaner-burning natural gas from crude oil.

Bob Dudley, BP’s chief executive, said his company embraces the “dual challenge” of providing more energy to the world’s growing population while working to reduce carbon emissions to help combat global warming and rising sea levels. While BP isn’t switching its primary focus to renewable energy sources such as wind and solar, BP in December said it would invest $200 million for a minority stake in British solar developer Lightsource.

BP has embraced the “zero net emissions growth” goal to keep its global emissions levels at or below its 2015 levels through 2025, and then working to further lower its emissions afterward. The aim is to reduce its carbon emissions by the equivalent of 3.5 million metric tons of carbon dioxide by 2025.

While natural gas burns cleaner than oil, the challenge is ensuring that methane doesn’t leak during the drilling and production of gas. Those emissions are viewed as the Achilles’ heel of natural gas. So BP is setting a target of keeping its methane emissions down to 0.2 percent of the gas produced.

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