New BP boss Bernard Looney has said he wants the company to sharply cut net carbon emissions by 2050 or sooner.
Mr Looney said the 111-year-old company needed to “reinvent” itself, a strategy that will include more investment in alternative energy.
BP will have to fundamentally reorganise itself to help make those changes, said Mr Looney, who took over as chief executive last week.
It follows similar moves by rivals, including Royal Dutch Shell and Total.
Mr Looney said in a statement: “The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero.
“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. And we want to change – this is the right thing for the world and for BP.”
He is due to outline his plans in a keynote speech later on Wednesday.
In the long term, BP’s plans will involve less investment in oil and gas, and more investment in low carbon businesses.