Carbon neutrality in 2050 is one of the ambitions of the oil giant BP, which wants to accelerate its energy transition. But even better, the British company has decided to involve its employees in this effort. The latter will in fact be allocated a share of the company’s shares. The company therefore wishes to rebound on new markets after a catastrophic year 2020 marked by layoffs and massive financial losses.
Carbon neutrality by involving employees
Distribution of shares to 60,000 employees
To achieve carbon neutrality by 2050, the oil company’s CEO has made a historic decision. Bernard Looney has chosen to allocate a share of BP ‘s stock to his 60,000 employees. In 2021, he wants to involve his employees in the company’s common project for a greener future. However, the amount of shares allocated will differ according to the hierarchical level.
It should be noted that the shares will be blocked until 2025, at which time employees will be able to sell them.
A 10-fold increase in investment in renewable energy
The company is giving itself the means to make its claims. It is going to increase its investments in renewable energy by a factor of 10, with the aim of tripling its capacity by 2030. In the long term, BP hopes to reduce its dependence on hydrocarbons by reducing its oil production by 40%.
A year 2020 to forget
These commitments are also intended to give the company a more positive outlook. Because of the health crisis, 10,000 employees were laid off. For the year 2020, the company has a net loss of $20 billion in oil assets. It recorded a profit decline of $5.7 billion, far from the $10 billion increase in 2019.
In short, BP suffered huge losses as a result of the pandemic. In fact, investing in clean energy offers new opportunities in new growth markets.