Monday, April 23, 2018

Petroleum Giant BP Capping Carbon Emissions to Combat Climate Change


As minister counselor for the Permanent Mission of Haiti to the United Nations, Marie Altagrace “Astride” Nazaire works with key public policymakers and business leaders to identify and research issues relating to migration, sustainable development goals, financing for development, and education. Additionally, Astride Nazaire is well-versed in climate change. 

While its actions in the past are said to have contributed to the speed of climate change, petroleum giant BP is taking baby steps in preparing for a low-carbon future. In April, the company's chief executive, Bob Dudley, announced plans for a cap on carbon emissions up until 2025. Even with continued growth, BP has pledged to limit its carbon emissions to the total recorded in 2015, when the Paris Agreement was signed. Moreover, the company intends to cut carbon emissions by 3.5 million tons by 2025 through reduced flaring at oil and gas sites and an increase in energy-efficiency investments.

Should those measures fail to help the company meet its carbon emission-reduction goal, it plans to invest heavily in high-quality carbon-offset projects. The announcement comes on the heels of BP working to grow the low-carbon portion of its business with upwards of $500 million of annual investments in clean technologies and renewable energy, including the construction of more solar and wind farms.