Primary: Methane measurement and reduction programme (Aim 4) bp's Aim 4 is to install methane measurement at all major oil and gas processing sites by 2023 and then drive a 50% reduction in methane intensity. Methane intensity fell to 0.05% in 2022 (from 0.07% in 2021) under existing methodology; absolute upstream methane fell 35% to ~28 kt. bp is deploying multiple measurement technologies including enhanced metering, FLIR cameras, drone-mounted sensors (SeekOps), satellites (Satelytics) and predictive monitoring software. bpx energy participates in voluntary MiQ certification across all operated reporting units. bp targets 0.20% methane intensity on a measured basis by 2025.
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Dependent: Bioenergy scale-up as transition growth engine bp is scaling biofuels (targeting ~100,000 b/d by 2030 from 27,000 b/d in 2022) focused on sustainable aviation fuel at Kwinana, Rotterdam, Castellon, Lingen and Cherry Point refineries, plus the bp Bunge Bioenergia ethanol JV in Brazil. Biogas supply is being expanded six-fold to ~70,000 boe/d by 2030 following the Archaea Energy acquisition. bp expects to invest ~$15 billion in bioenergy between 2023 and 2030, targeting >$4 billion EBITDA by 2030. Bioenergy reduces lifecycle Scope 3 emissions from sold products (Aim 3) and provides lower-carbon alternatives for hard-to-abate sectors.
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Acquisition of Archaea Energy (biogas/RNG) bp completed acquisition of Archaea Energy in December 2022, a leading US renewable natural gas producer, for approximately $3 billion. This advances bp's bioenergy transition growth engine and is expected to reduce carbon intensity of sold energy products.
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Dependent: Reducing Scope 3 through customer product carbon intensity (Aim 3) bp's Aim 3 targets net zero carbon intensity of sold energy products by 2050, with a 5% reduction by 2025 and 15-20% by 2030 vs 2019 baseline of 79 gCO2e/MJ. In 2022, carbon intensity was 77 gCO2e/MJ (-2% vs 2019). Progress is driven by growing EV charging (22,000 charge points in 2022), bioenergy (27,000 b/d biofuels), expanding renewable power sales through Lightsource bp and the US wind/solar business, and bp's power trading business. Acquisitions of Archaea Energy (biogas) and EDF Energy Services are expected to further reduce carbon intensity from 2023.
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Primary: Portfolio optimisation and divestment of higher-emitting assets bp is high-grading its portfolio towards resilient, lower-emissions assets, reducing operated emissions through divestment. In 2022, 16 MtCO2e of Scope 1+2 emissions reductions were attributable to divestments including legacy bpx energy assets and the Angola transition to Azule Energy JV. bp plans to divest around 200,000 boe/day of lower-margin assets by 2030 and aims for a 25% reduction in oil and gas production by 2030 vs 2019 (Aim 2), which directly reduces Scope 3 upstream production emissions.
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Net Zero — From Ambition to Action report published; 88.5% shareholder vote at 2022 AGM In March 2022, bp published 'Net Zero – from ambition to action' detailing actions planned for 2021-2030, TCFD/IIGCC/CA100+ guidance considered, and progress to date. Shareholders voted 88.5% in favour at the May 2022 AGM on resolution 3 supporting the report — a landmark demonstration of investor backing for bp's transition plan. Report is publicly available at bp.com/investors. bp does not expect to hold annual votes on climate plans.
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Carbon offsets, nature-based solutions and CCUS for neutralisation bp recognises that qualifying deductions including offsets will have a role in achieving its net zero ambition. Through bp Target Neutral, approximately 2.3 million tonnes CO2e of carbon credits were retired in 2022 from projects including cookstoves, wind, landfill gas and hydro (CDM and VCS standards). bp is progressing the Tangguh Enhanced Gas Recovery and CCS scheme in Indonesia and advancing CCUS projects including Net Zero Teesside, Northern Endurance Partnership and a major CCUS project in Texas with Linde. bp intends to continue offering carbon credits and offsetting solutions to customers as voluntary markets grow.
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Renewable electricity procurement via EACs, PPAs and self-generation bp reduces Scope 2 emissions through lower carbon power agreements at major refineries including Cherry Point, Gelsenkirchen and Rotterdam, delivering 662 ktCO2e of Scope 2 reductions in 2022 via further lower carbon power agreements. bp uses Guarantees of Origin (GoOs) covering renewable electricity from wind, solar and hydropower sources across European operations (Germany, Norway, Sweden, Spain, Italy). In the US, bp purchases RECs (wind) totalling 380,000 MWh. Self-generated renewable electricity (80,000 MWh from on-site solar/renewables) is also consumed. bp is building a global position in offshore wind (5.8 GW brought to FID by end of 2022, with 37.2 GW in pipeline) and solar through Lightsource bp.
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Primary: Operational energy efficiency and sustainable emission reductions (SERs) bp's primary lever for Aim 1 (net zero S1+S2 by 2050) is delivery of Sustainable Emission Reductions (SERs) – energy efficiency, flaring reduction, methane management and electrification. In 2022, 1.5 MtCO2e of SERs were delivered: 351 ktCO2e at bpx energy through further electrification and vapour recovery; 86 ktCO2e at Tangguh LNG via steam heat recovery; and 662 ktCO2e from lower carbon power agreements at European refineries. Cumulative SERs since 2019 total 4.1 MtCO2e. Key techniques include electrifying onshore upstream assets, reducing routine flaring (targeting zero by 2025 in US onshore), and deploying FlareIQ real-time analytics.
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Limited assurance (ISAE3000) maintained for S1, S2 and S3 Cat11 Deloitte LLP provided limited assurance under ISAE3000 on Scope 1, Scope 2 (location and market-based), Scope 3 Cat11 (upstream production), energy consumption, methane intensity, carbon intensity of sold products, and SERs. Annual process, 100% of reported emissions verified.
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