New BP CEO to ‘Reinvent’ Oil Major as Deeper Emissions Targets Set

BP plans deep cuts to its carbon emissions by 2050, setting one of the oil sector’s most ambitious targets, as part of the biggest overhaul in the 111-year old company’s history by new chief executive Bernard Looney.

The targets set on Wednesday put BP ahead of rivals Royal Dutch Shell and Total. Although they fall short of commitments by Spanish peer Repsol, BP’s operations and output are much larger.

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