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

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 (Pakistan Point 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.