- Home
- Business
- News
- Oil Giant BP to Cut Ties With 3 US-Based Trade Associations After Climate Policies Review
Oil Giant BP To Cut Ties With 3 US-Based Trade Associations After Climate Policies Review
Faizan Hashmi Published February 26, 2020 | 09:47 PM
UK-based oil and gas giant BP has severed ties with three US-based trade associations following a review of their climate policies, an official statement confirmed on Wednesday, in the wake of CEO Bernard Looney's announcement that the company will strive to reach carbon neutrality by 2050
MOSCOW (UrduPoint News / Sputnik - 26th February, 2020) UK-based oil and gas giant BP has severed ties with three US-based trade associations following a review of their climate policies, an official statement confirmed on Wednesday, in the wake of CEO Bernard Looney's announcement that the company will strive to reach carbon neutrality by 2050.
The oil giant will cease its involvement in three US trade associations: American Fuel and Petrochemical Manufacturers, the Western States Petroleum Association, and the Western Energy Alliance, the company said in the statement.
"BP will pursue opportunities to work with organizations who share our ambitious and progressive approach to the energy transition. And when differences arise we will be transparent. But if our views cannot be reconciled, we will be prepared to part company," BP's newly-appointed CEO Looney said in the statement.
Looney replaced Bob Dudley as the oil giant's chief executive earlier in February. The commitment to reach carbon neutrality will require BP to cut more than 400 million tonnes of carbon emissions annually.
In the statement, BP said that it had conducted an extensive review of the climate policy of thirty associations in which the company participates. The oil giant stated that climate policy "misalignments" with the three aforementioned associations could not be reconciled.
BP's commitment to net-zero carbon emissions by 2050 follows in the wake of pledges made by UK Prime Minister Boris Johnson, and European Commission president Ursula von der Leyen. The latter's European Green Deal aims to make the entire European Union carbon neutral in the space of 30 years.
Related Topics
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From Business
-
Pakistan aims to agree outline of new IMF loan in May - Finance Minister
10 hours ago -
FTO commends FBR's role for prompt resolution of tax payers’ issues
10 hours ago -
BISP embraces E-procurement: launches inaugural tender
12 hours ago -
Business community indebted to Ahsan Zafar for his unprecedented services: Yousuf Rajput
12 hours ago -
China auto sector steps up Europe push with Spain plant
12 hours ago -
Condolence reference held in memory of FBR's officials
13 hours ago
-
Health activists ring alarm bells over 10-stick cigarette pack
13 hours ago -
Karachi receives maiden direct flight of Azerbaijan Airlines from Baku
14 hours ago -
PSX turns bullish, gains 619 points
14 hours ago -
Rupee bounces back; gains 13 paisa against dollar
14 hours ago -
Partners join hands for alternate use of marble, granite slury
14 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
16 hours ago