(LONDON) -- Oil giant BP announced they plan to become net carbon zero by 2050, while also helping the world reach net zero.
In order to become net-zero the company will need to remove or offset the same amount of emissions it release's each year into the atmosphere.
BP says its annual emissions are around 55 million tons for its worldwide operations and around 360 million tons for the carbon in the oil and gas they produce.
“This is what we mean by making BP net zero. It directly addresses all the carbon we get out of the ground as well as all the greenhouse gases we emit from our operations," said CEO Bernard Looney in a statement. "These will be absolute reductions, which is what the world needs. If this were to happen to every barrel of oil and gas produced, the emissions problem for our sector would be solved."
To achieve the goal, BP says they will become net zero for both their operations and for the carbon they release during oil and gas production.
In addition, they will aim for a 50 percent reduction in the carbon intensity of their products no later than 2050, install methane measurement at all of their major oil and gas sites by 2023 and reduce methane intensity 50 percent, while also increasing investment in non-oil and gas businesses over time.
Currently, BP owns stakes in or produces solar power, wind power, biopower, and biofuels. The company also owns BPChargemaster, UK's largest electric charging network.
The company did not announce how they will reach their goals. Instead, they will set out their strategy and near term goals during a capital markets day in September.
“The world’s carbon budget is finite and running out fast; we need a rapid transition to net-zero," said Looney. "We all want energy that is reliable and affordable, but that is no longer enough. It must also be cleaner. To deliver that, trillions of dollars will need to be invested in replumbing and rewiring the world’s energy system. It will require nothing short of reimagining energy as we know it."
The company did announce they will reorganize their entire business into eleven teams in order to reinvent themselves. These include gas and low carbon energy, innovation and engineering, and strategy and sustainability.
In addition to reaching net-zero for their own company, the second part of BP's goal is to help the world reach net zero.
They will do this several ways, including pushing for policies that support net-zero goals, setting new expectations for trade associations, and launching a team to help countries, cities, and corporations decarbonize.
BP's announcement comes almost a month after Microsoft announced its own goal to become net carbon zero by 2050.
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