Announcing a massive quarterly loss of close to $7 billion and a 50% dividend cut BP also committed to cutting oil & gas production by 40% by 2030 to hit emissions targets and considerably up spending on renewables. See our statement on the move below.

Responding Andrew Grant, Carbon Tracker’s Head of Oil, Gas and Mining said:

“BP has radically changed the game. In the arms race of emissions announcements, most oil and gas peers have conveniently ignored the global need to produce and use less oil and gas – BP’s production cut of 40% by 2030 makes them unquestionably the industry leader.”

“Investors are ever more focused on what climate change means for both the emissions and the valuation of their portfolio. We have long argued that an oil company giving greater certainty about cutting production to fit within a Paris aligned budget would give confidence on both of those fronts – the strong reaction to BP’s announcement from the market shows it agrees. The question now is, as investors have clearly shown what they want, who else will follow BP’s leadership?”

ENDS