BP sets net zero carbon target for 2050

New CEO Bernard Looney reveals plan to invest more in low-carbon businesses

BP's new chief executive has set an ambitious target to shrink the oil firm's carbon footprint to net zero by 2050 by cutting more greenhouse gas emissions every year than produced by the whole of the UK.

Bernard Looney, who replaced Bob Dudley as chief executive this month, said it was clear that BP needed to change. He said BP would aim to become a net zero company by 2050 or sooner by tackling "all the carbon we get out of the ground as well as all the greenhouse gases we emit from our operations".