BP plans to keep its greenhouse gas emissions flat in the decade from 2015 to 2025 even as it continues to ramp up growth, the company said in its first ever low carbon report.
The British oil major is aiming to reduce carbon dioxide (CO2) emission by 3.5m tonnes a year throughout its business by limiting major pollutant methane from its operations, pursuing lower emissions gas and expanding its renewables businesses.
The firm has also committed to investing $500m (£349m) a year in low carbon activities including its renewables business and acquisitions.
Chief executive Bob Dudley said: “As the world demands more energy it also demands that it be produced and delivered in new ways, with fewer emissions."
We now know that a race to renewables will not be enough.
To deliver significantly lower emissions every type of energy needs to be cleaner and better.
Investors have begun heaping more pressure on oil firms like BP following the signing of the landmark Paris agreement in 2015.
While BP has said it will limit emissions to 2015's 51.2m tonnes of CO2, rival Shell has vowed to cut its net carbon footprint by around 20 per cent by 2035 and by half in the years to 2050.
Shares in BP were down more than one per cent this afternoon as oil prices slid on easing tensions following air strikes in Syria over the weekend.