26th Mar 2019 14:29
LONDON (Alliance News) - Oil major BP PLC on Tuesday said it will set up a USD100 million fund to help further reduce greenhouse gas emissions.
The Upstream Carbon Fund will help BP achieve targets set in April 2018, it said.
At the time, BP set out a goal to cut greenhouse gas emissions by 3.5 million tonnes over 2016 to 2025. Since then, 1.7 million tonnes of carbon dioxide equivalent have been cut, despite 3% growth in oil and gas output.
Upstream Chief Executive Bernard Looney commented: "A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly. This USD100 million investment is designed to build on that momentum.
"It will fund ideas both big and small because everything counts in our transition to a lower carbon future and everyone at BP has a role to play."
At the start of February, BP joined peer Royal Dutch Shell PLC in linking remuneration to greenhouse gas targets.
BP shares were 0.9% higher on Tuesday at a price of 553.60 pence each.
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