BP Unveils Broad New Initiative To Cut Greenhouse Gases

Contact: Joe Goffman 202 387-3500

Allan Margolin 212 505-2100

Environmental Defense today praised BP, a member of its Partnership for Climate Action, for achieving its initial emissions reduction targets eight years early and extending its efforts to combat global climate change. In a speech today at Stanford University, BP’s chief executive Lord John Browne announced a new initiative to reduce global warming gases not only from the company’s own operations, but also from the use of its products, such as the fuel used in cars and trucks.

“BP made history at Stanford in 1997 when it became the first in its industry to make a firm commitment to reduce greenhouse gases. They demonstrated they could achieve their goal earlier than expected and with no net cost to the company. Now, the company has again set the industry standard for developing the performance-based solutions needed to overcome Earth’s greatest environmental threat,” said Environmental Defense executive director Fred Krupp. “This is an important message for all corporate leaders and government officials to hear.”

In 1997, BP announced a commitment to reduce its emissions of the heat-trapping gases that cause global warming to 10% below 1990 levels by 2010. Today, in addition to that commitment, Browne announced the company would focus on developing cleaner fuels and on working with the automotive industry to cut emissions. The transportation sector accounts for 26% of U.S. greenhouse gas emissions. BP also will explore investing in low-cost reductions through techniques such as preserving forests. Deforestation accounts for one-quarter of global greenhouse gas emissions, more than those of the U.S., which emits 20% of greenhouse pollution.

“To prevent dangerous interference in Earth’s climate, the world needs the powerful incentives that a properly structured market would provide to lower emissions from industrial operations, consumer products and deforestation,” said Environmental Defense policy analyst Andrew Aulisi. “Once again, BP is leading the way in making a global market in greenhouse gas reductions work for the planet.”

Environmental Defense, a leading national nonprofit organization based in New York, represents more than 300,000 members. Since 1967 we have linked science, economics, and law to create innovative, equitable, and cost-effective solutions to the most urgent environmental problems.

Current Partnership for Climate Action members are Alcan, BP, DuPont, Entergy, Environmental Defense, Ontario Power Generation, Pechiney, Shell International and Suncor Energy. Each company has set a firm target for greenhouse gas emissions reductions. The targets will result in a total reduction of at least 80 million metric tons of carbon dioxide equivalent by 2010.