Global brands may have been hit hard by the pandemic lockdown, but BP has bounced back in style by announcing ambitious plans to spend billions in wind, solar and electric car projects. The company may have recently announced record £13.5bn losses in the wake of the crash in oil prices, but this week’s announcement that BP is planning to be net-zero by 2050 has been rewarded with a 6.5% jump in its share price – clearly demonstrating market demand for greener and more sustainable business strategies. Though the BP plan has 2050 as its headline date, there are plenty of projects which will have short-to-medium term impacts, with the company planning on cutting fossil-fuel output by 40% by 2030. “We believe our new strategy provides a comprehensive and coherent approach to turn our net zero ambition into action. This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone,” said BP CEO Bernard Looney. “So, in the years ahead, bp is going to significantly scale-up our low-carbon energy business and transform our mobility and convenience offers. We will focus, and reduce, our oil, gas and refining portfolio. And, as we drive down emissions on our route to net zero, we are committed to continuing to deliver long-term value for all stakeholders.” As part of BP’s ambitious strategy, the company has promised to reduce oil and gas production by 40% and has also pledged no exploration in new countries. The announcement received glowing praise from environmental campaigners across the board, with Greenpeace UK moved to tweet about the plans saying: “There is much, much further to go, but has BP just woken up to the #ClimateEmergency?” Is your company keen to go net-zero? Sign-up for a carbon offsetting subscription today to make your strategy greener.