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BP says to cut UK emissions by 350,000 T in 5 yrs

BP says to cut UK emissions by 350,000 T in 5 yrs
LONDON - Oil major BP said yesterday it will cut its UK emissions of greenhouse gases by over 350,000 tonnes over the next five years as part of a soon-to-be launched pollution trading scheme.
\"We\'ve pledged to cut 353,500 tonnes of greenhouse gases, methane and carbon dioxide,\" a spokeswoman said. \"The bulk of it will be done by cutting routine flaring on UK oil platforms,\" she said, adding the rest would be through increased energy efficiency. Oil companies usually flare or burn off excess gas from platforms that they cannot use or dispose of in other ways. BP operates around 45 jointly owned oil and gas fields in the UK. The company was one of 34 organisations that bid in an auction last week for 215 million pounds ($305.9 million) of government incentive money to cut the cost of complying with the U.N. Kyoto Protocol on global warming. The BP pledge was around nine percent of the auction\'s total agreed emissions reduction of over four million tonnes. The company has been using an internal emissions trading scheme since 1999, the spokeswoman said. Greenhouse gases are considered by many scientists to be a contributor to global warming. The UK\'s target is to cut emissions by 23 percent on 1990 levels by 2010. BP chief executive Lord Browne said last week that the company had reduced its global greenhouse gas emissions by nine million tonnes or 10 percent on 1990 levels, eight years ahead of its target and at no net cost to the company. He said BP plans to peg its net future emissions at the current 80 million tonnes a year level for the next decade despite production growth plans of 5.5 per cent per year. Half of this will be done through greater energy efficiency, with the other half offset by carbon credits gained from a shift to lower carbon products such as natural gas and cleaner motor fuels. \"We\'re working with a number of auto manufacturers for the provision of hydrogen for fuel cell technology,\" the spokeswoman said. The company had not made any forward carbon allowance trades under the UK regulatory emissions trading system, she said. Companies that cut emissions by more than their target will be able to sell carbon credits under the voluntary scheme, due to start on April 2. Story by Neil Chatterjee REUTERS NEWS SERVICE
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