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BP CEO pushes governments for carbon price as company looks to trim emissions

BP Plc CEO Bob Dudley called on governments worldwide to put a price on carbon and said the company will soon disclose specific goals for reducing its own emissions.

Dudley told an audience in Houston that as the company works to lower emissions across its business, it needs "others to act as well."

"We need governments, in our opinion, to put a price on carbon," Dudley said March 6 at CERAWeek by IHS Markit. "Because when you do that, you incentivize lower carbon activities of all kinds right across the economy, including energy efficiency and carbon capture. That will enable us to do a whole lot more."

Dudley said BP will disclose the company's targets for cutting carbon emissions "next month." A growing number of companies have agreed to report disclosures related to climate amid a broader trend toward environmental, social and governance investing in the U.S. and abroad. Some of America's largest natural gas producers, including BP, also are taking part in a voluntary methane reduction program launched at the end of 2017.

"We're targeting sustainable reductions aggressively across the company, and we'll be disclosing our targets next month," Dudley said.

Dudley said the industry should focus on the power sector when looking for ways to reduce emissions. While increased use of electric vehicles will have a "very important role to play," he said they "are not the silver bullet everyone is looking for."

"There is no silver bullet," he said.

Renewable sources of energy are growing at a faster rate than any other fuel in history, Dudley said. Still, he stressed that the best way to move forward with emissions reductions goals is to remain "agnostic about fuels."