Ellie Chivers provides some good news about oil giant BP's plans to go emission-free in the next 30 years.
Photo by Jay Skyler
As of the beginning of August, oil giant BP is planning to cut its oil and gas production by 40% in favour of cleaner energy sources. This new plan hopes to see a 10-fold increase in yearly low carbon emissions to $5 billion by 2030.The news comes as a huge step forward in BP’s plans to be emission-free by 2050, and will cost the company $1.5 billion.
Bernard Looney was appointed CEO of BP in February, and a switch to greener resources underscores much of his business mission.The London-based firm has predicted demand for fossil fuels will reduce by 75% over the next 30 years if global temperatures are limited to 1.5 degrees Celsius, with BP going as far as to suggest its oil and gas production will plummet by at least one million barrels a day over the next decade.