BP PLC (LON:BP) has pledged to become a net-zero company and to halve carbon intensity in its products by 2050 or “sooner”.
The oil major said it will install methane measurement at all its major oil and gas processing sites by 2023 to reduce methane intensity of operations by 50%.
The FTSE 100-listed group will also increase the proportion of investment into non-oil and gas businesses “over time”.
The announcement comes on the second week of Bernard Looney’s tenure as chief executive after Bob Dudley stepped down from the role after nine years.
“The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero,” Looney said in a release.
“It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change.”
Activists at Greenpeace said the goal “is not ambitious or anywhere near enough”.
“BP promise to hit net zero, but not how real change will happen… Halting their US$71bn spend on new oil and gas would show BP are leading the field, not drilling it,” the environmental group said on Twitter.
BP shares rose 1% to 475.55p on Wednesday.