Real Money Stock of the Day BP said that it has set 'net zero' target for emissions of 2050, a goal it says will require a "fundamental changes" for Europe's third-largest energy company under new CEO Bernard Looney.
"The world's carbon budget is finite and running out fast; we need a rapid transition to net zero. We all want energy that is reliable and affordable, but that is no longer enough. It must also be cleaner," said Looney. "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."
"This will certainly be a challenge, but also a tremendous opportunity. It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change," he added. "And we want to change - this is the right thing for the world and for BP."
But is this enough to get millennials to invest in oil again?
Jim Cramer says no.
He explains why in the video above.
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