LONDON (AP) — Energy producer BP said Wednesday it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050, an ambitious target born out of pressure to help combat climate change and keep making money.

London-based BP’s goals include becoming a net zero emitter in its own production of energy but also reducing the carbon dioxide created by its customers as they use that energy — the bulk of emissions from the industry. Doing so would require not only a shift to cleaner energy sources but also coming up with new technologies to offset emissions or extract CO2 from the atmosphere.

BP’s announcement was less of a detailed restructuring plan and more of a statement of intent from a company that is trying, like the wider energy industry, to ensure its long-term viability as the world decreases its reliance on fossil fuels in an effort to fight climate change.

“The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero,’’ CEO Bernard Looney said in a statement. “We all want energy that is reliable and affordable, but that is no longer enough. It must also be cleaner.’’

In a presentation in London to climate scientists, investors and journalists, Looney acknowledged that targets and more specifics would follow. He compared the announcements, which come only two weeks into his tenure as CEO, as being like setting the destination in a GPS.

“We're starting with a destination,"' he said. “The details will come.''

Other energy companies have expressed similar ambitions as public awareness of climate change, and the energy industry’s role in emitting CO2, have grown. Total of France said they were integrating climate into their strategy in 2016 while Royal Dutch Shell outlined a “net carbon footprint ambition'' to halve emissions by 2050, said David Elmes, an energy expert at Warwick Business School.

Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change and the Environment, said BP’s plans will push other oil companies to follow suit, but don’t go far enough if the world is going to meet the goal of limiting global warming to 1.5 degrees Celsius over pre-industrial levels.

"What is lacking from BP’s announcement is any indication of whether the company accepts that there will be a major reduction in the global demand for its hydrocarbon fuels.''