- Oil company BP said it had set a zero net carbon target by 2050 or sooner and aimed to halve the carbon intensity of the products it sells in the same time frame.

The company also set a net zero target by 2050 or sooner for its oil and gas production, while committing to increase the proportion of investment into non-oil and gas businesses 'over time'.

Methane measurement capabilities would be installed in all of BP's major oil and gas processing sites by 2023, with the goal of reducing the methane intensity of its operations by 50%.

'The world's carbon budget is finite and running out fast; we need a rapid transition to net zero,' new chief executive Bernard Looney said.

'We all want energy that is reliable and affordable, but that is no longer enough. It must also be cleaner.'

'To deliver that, trillions of dollars will need to be invested in replumbing and rewiring the world's energy system. It will require nothing short of reimagining energy as we know it.'

At 1:12pm: [LON:BP.] BP PLC share price was +2.3p at 472p

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