BP has committed to reducing greenhouse gas emissions to net-zero by 2050 or earlier. The new CEO Bernard Looney said that the oil company must reinvent itself because the world is shifting to cleaner energy.
"The global carbon budget is limited and is running low," added Looney.
This promise is by far the most ambitious commitment on the part of the oil and gas giant. This sector is under increasing pressure as climate change becomes increasingly important for shareholders and governments.