BP plc is in talks with Lightsource BP to buy solar to power US operations, according to Lightsource BP Chief Commercial Officer Katherine Ryzhaya.
Bloomberg reports that a contract could be signed within 4 to 6 months. BP pls is partial owner of Lightsource BP.
This is just one initiative that the company hopes will help it achieve its goal of growing without increasing its carbon footprint. In February, BP’s board agreed to support a call from institutional investors for the company to broaden its corporate reporting and describe how its strategy is consistent with the Paris Agreement goals.
Climate Action 100+, an initiative representing more than 300 investors with over $32 trillion in assets, proposed the resolution be put to BP shareholders at the company’s annual general meeting in May 2019. The investor group works to engage companies on improving governance, curbing emissions, and strengthening climate-related financial disclosures.
And in 2018, the oil giant announced it aims to generate sustainable reductions of 3.5 million tonnes of annual CO2 equivalent greenhouse gas emissions throughout its businesses by 2025.
The report detailed BP’s framework for reducing greenhouse gas emissions in its operations, improving its products to help customers reduce their emissions, and creating low carbon businesses.
The report also set out clear near-term targets for limiting greenhouse gas emissions from BP’s operations, against which its progress can be measured. These targets are concrete, measurable and are intended to be met over 10 years.
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