Global oil and gas giant BP is embracing the opportunity to restructure its business model. It has pledged to “reimagine energy” on a quest to reach net-zero emissions by 2050. The company is being reinvented, with fresh leadership and a four-core focus: production and operations, customers and products, gas and low-carbon energy, and innovation and engineering. Each group collaborates with three integration teams to realise the environmental goals. The new management structure eschews top-down leadership in favour of round-table collaboration. Integration teams specialise in strategy and sustainability, trading and shipping, regions, cities and solutions. BP enablers provide expertise in finance, legal affairs, communication and advocacy, culture and people. CEO Bernard Looney has set the controls for a net-zero future, and pledged to keep BP “performing while transforming”. BP aims for methane measurement at all their major oil and gas processing sites by 2023, transparent reporting and 50% reduction in their operated methane intensity. The company will also reframe relationships with trade associations, and incentivise employees to deliver on their aims and advocate for net zero. BP plans to increase its proportion of investment into non-oil and gas. The CFI.co judging panel approves of the company’s reinvention, and presents BP plc with the 2020 award for Best ESG Oil & Gas Operator (Global).
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