BP mulls emissions origination job cuts
03 June, 2009
Oil major BP may make redundancies from its carbon origination desk in London, Carbon Finance has learned.
A spokesman confirmed today that a consultation is underway on possible cuts to the team, of less than 10 people, but was unable to say how many jobs are at risk.
“We have yet to decide how and at what level we’ll participate in the primary market,” he said, in response to why the company is considering the cuts.
This comes as BP moves to beef up its Asia-Pacific carbon business, with a team of four now based in Singapore, as part of the power desk. The spokesman said this is to build capacity ahead of an Australian emissions trading scheme, scheduled to start in 2011.
“The broader application of cap-and-trade legislation – eg [in the] US, Australia – will mean that BP will need to buy more emission reductions than it does today, to cover product emissions, for instance, in addition to its own operations,” he said.
“As a result we are looking at each part of our business to make sure we have the right levels of capability in the right place. Decisions on how we participate in emission markets are still to be made and are unlikely until the legislative frameworks are clearer.”
