BP - BP Quits Oil Lobby Groups in its Pursuit of a Zero-Carbon Future
Oil and gas giant BP Plc (NYSE: BP) recently withdrew its involvement with the Western Energy Alliance and is set to split with Western States Petroleum Association and the American Fuel and Petrochemical Manufacturers in the near future. At the heart of BP's move is its new focus on cutting its environmental impact, a recently announced plan by new CEO Bernard Looney with the goal of being a net-zero carbon emissions company by 2050.
Neither Mr. Looney nor BP provided much detail when announcing the net-zero by 2050 goal, but there are some indicators in the company's move to disassociate from the lobby groups above. According to reports, BP and the Western Energy Alliance have differing views on the regulation of methane emissions.
Image source: BP.