The London-based company said that it plans a 10-fold increase in annual
low carbon investments to $5 billion by 2030 as it tries to deliver on its promise of
net zero emissions by 2050 and prepares for a world that uses much less oil.
"This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone," BP said in a statement.
The company expects demand for fossil fuels to fall by 75% over the next 30 years if the increase in global temperatures is limited to 1.5 degrees celsius, or by 50% if warming is less than 2 degrees, BP head of strategy Giulia Chierchia told investors.
BP said its
oil and gas production will fall by at least one million barrels a day by 2030, a 40% reduction on 2019 levels. The bulk of its annual capital expenditure over the next five years will, however, still be in oil and gas.
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