BP’s climate crisis pledge lays down a marker for others to follow

Commitments to slash oil production and boost investment in renewables are welcome – but there is still a long way to go, writes Ben Chapman

The firm has received praise from Greenpeace for its plans (AP)

A series of remarkable events occurred on Tuesday. First, BP set out plans to cut oil production by 40 per cent within a decade. The commitment is leagues ahead of the mostly vague and longer-term ambitions put forward by most of its rivals, laying down a marker for other fossil fuel producers.

BP also pledged to cut carbon emissions from its own operations (rather than the fossil fuels it produces and others burn) by 30 to 35 per cent by 2030. There will be no exploration in new countries and BP will partner with up to 15 cities and three “core industries” to help them decarbonise.

BP will also increase its capital spending on low-carbon energy tenfold to £5bn by the end of the decade.