Commodities & Energy

Reuters reveals BP's Looney goes all-in on climate goals and explores overhaul

Reuters reveals BP's Looney goes all-in on climate goals and explores overhaul

Reuters revealed that BP’s incoming Chief Executive Bernard Looney plans to expand the company’s climate targets and is considering overhauling the structure of the oil and gas major in one of the biggest shake-ups in its 111-year history. Looney plans to adopt broader carbon emissions reduction goals that will likely include emissions from fuels and products sold to customers rather than just the far lower emissions from BP’s own operations. The aim is to catch up with, and possibly outdo, rivals such as Royal Dutch Shell and Repsol as investor pressure over climate change mounts.