BP’s goal is to achieve net zero emissions, which is in line with the Paris Agreement’s objective of limiting global warming to below 2°C above pre-industrial levels.
BP, one of the world’s largest oil and gas companies, has set an ambitious goal of becoming a net zero company by 2050 or sooner. To achieve this goal, BP has set out 10 aims, including five key aims to get the company to net zero. BP’s net zero ambition and aims are a significant step towards a sustainable future. By setting these aims and working towards achieving them, BP is taking responsibility for its impact on the environment and making a meaningful contribution to the global effort to combat climate change.
Aim 1: Net Zero Operations
The first aim is to be net zero across BP’s entire operations on an absolute basis by 2050 or sooner. This includes Scope 1 and Scope 2 GHG emissions from running the assets within the company’s operational control boundary, which were 54.4MtCO2e in 2019. BP is targeting a 20% reduction in its operational emissions by 2025 and will aim for a 50% reduction by 2030 against its 2019 baseline.
Aim 2: Net Zero Oil and Gas
The second aim is to be net zero on an absolute basis across the carbon in BP’s upstream oil and gas production by 2050 or sooner. This is BP’s Scope 3 aim and is based on its net share of production, which was around 361MtCO2 in 2019. BP is targeting a 10-15% reduction by 2025 and will aim for 20-30% by 2030 against its 2019 baseline.
Aim 3: Net Zero Carbon Intensity
BP’s third aim is to reduce to net zero the carbon intensity of the energy products it sells by 2050 or sooner. This applies to the average carbon intensity of the energy products sold, estimated on a lifecycle basis from the use, production, and distribution of sold energy products per unit of energy delivered. In February 2022, BP expanded aim 3 to include physically traded energy products as well as marketed sales.
Aim 4: Methane Reduction
The fourth aim is to install methane measurement at all of BP’s existing major oil and gas processing sites by 2023, publish the data, and then drive a 50% reduction in methane intensity of its operations. BP will also work to influence its joint ventures to set their own methane intensity targets of 0.2%.
Aim 5: Investing in Non-Oil and Gas
Finally, BP’s fifth aim is to increase the proportion of investment it makes into its non-oil and gas businesses. Over time, as investment goes up in low and zero carbon, BP sees it going down in oil and gas.
Additional Aims to Support Net Zero
BP’s net zero ambition and aims demonstrate the company’s commitment to reducing greenhouse gas emissions and transitioning towards a more sustainable energy future. Achieving these aims will require significant investment and innovation, as well as collaboration with stakeholders across the energy sector.
In addition to these five key aims, BP has set out five further aims to support its net zero ambition. These include developing new low-carbon businesses, investing in carbon capture, use, and storage (CCUS) technologies, promoting sustainable aviation fuels, advocating for policies that support the transition to a net zero economy, and working with customers to help them reduce their carbon footprint.
Collaborating Towards a Sustainable Future
BP’s net zero ambition and aims align with the goals of the Paris Agreement and the broader global effort to limit global warming to well below 2°C above pre-industrial levels. However, achieving these goals will require more than just the actions of one company. Governments, businesses, and individuals must work together to accelerate the transition to a low-carbon economy and achieve a sustainable future for all.
(India CSR)
