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Emission Reduction Targets

All articles tagged with #emission reduction targets

business2 years ago•1 min saved

BP CEO Bernard Looney to Resign, Company to Proceed with Clean Energy Plan

Bernard Looney, the CEO of BP, is reportedly set to resign after less than four years in the role. Looney took over as CEO in 2020 and was praised for leading BP into an era of energy transition. The company has faced challenges due to the Covid-19 pandemic, declining oil prices, and pressure from activists and shareholders regarding emission reduction targets. BP's most recent quarterly report showed a drop in profit, but the company hiked its dividend and authorized a stock buyback. Looney stated that the change in emission reduction targets was due to energy security concerns and emphasized the company's increased spending on renewables.

via CNBC|

#bp #business #ceo

climate-change2 years ago•2 min saved

G20 Talks End in Disagreement over Emission Reduction Targets

The G20 major nations failed to reach an agreement on concrete targets to reduce greenhouse gas emissions, releasing only a statement that criticized current measures as "insufficient." The three-day meeting in Chennai, India, highlighted divisions among members on issues such as carbon budgets, historical emissions, net-zero goals, and financing for developing countries. Developed nations called for mitigation targets to limit global warming to 1.5 degrees Celsius, but developing countries argued that such targets would hinder their infrastructure development. China and Saudi Arabia did not make commitments, and the EU's Environment Commissioner expressed disappointment, stating that the G20 countries were "nowhere" on their climate change commitments. This failure follows the recent disagreement among G20 economies on phasing down fossil fuels.

via Reuters|

#climate-change #developing-countries #emission-reduction-targets

business2 years ago•3 min saved

BP's Q1 profits dip on weaker commodity prices, slows share buybacks.

BP reported stronger-than-expected Q1 profits of $4.96 billion, up from the previous quarter but down from the exceptional levels of 2022. The company announced a further share buyback of $1.75 billion and expects to deliver share buybacks of around $4 billion per year. BP's dividend remained unchanged from the previous quarter at 6.61 cents per ordinary share. The company's net debt decreased to $21.2 billion from $27.5 billion YoY. BP has faced criticism for scaling back its emission reduction targets and a shareholder group of 17% voted in favor of a resolution calling for the company to align its 2030 emissions reduction targets with the Paris Agreement.

via CNBC|

#bp #business #emission-reduction-targets