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BP: sets net zero emissions target for 2050

( - In line with many of its European peers, British energy group BP pledged to become a "net zero" company, which it intends to reach by 2050.

To reach this objective, BP said it will fundamentally reorganise to become a "more focused, more integrated" company, comprising four business groups.

The four new units will include Production & Operations, Customers & Products, Gas & Low Carbon Energy, and Innovation & Engineering.

BP - whose worldwide operations currently generate around 55 million tonnes of CO2 equivalent per year - said it aims to increase the proportion of investment it makes into non-oil and gas businesses.

The oil major will host an investor day in September to set out its strategy and near-term plans under the leadership of its new CEO Bernard Looney.

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