BP — full event log
Every event we have on file across every reporting year. The Data-by-year tab summarises the top 10 per year; this page shows them all.
← back to Data by year2026· 1 event
As part of scorecard simplification for 2026, the operated carbon emissions measure was removed from the annual bonus (short-term incentive). Its weighting in the long-term incentive (EDIP) was increased from 15% to 20% to compensate.
sustainability_report p.11
2025· 57 events
bp progressed two sanctioned green hydrogen projects in 2025: 50:50 JV with Iberdrola at Castellón refinery (Spain, expected start-up 2026) and Lingen refinery (Germany, 2027). In Teesside, the Northern Endurance Partnership for CO2 transport and storage and Net Zero Teesside Power (potentially world's first gas-fired power station with CCS) continued progressing. The Tangguh UCC project in Indonesia includes enhanced gas recovery via CCUS.
sustainability_report p.19
Average lifecycle carbon intensity of sold energy products was 79gCO2e/MJ in 2025, a 7% reduction vs 2019 baseline (84gCO2e/MJ), exceeding the 5% 2025 target. Driven by growth in end-user power sales across bp Energy Retail, GETEC, Lightsource bp and JERA Nex bp; high-grading of retail portfolio. Targeting 8-10% reduction by 2030.
sustainability_report p.17
Biofuels production grew ~19% YoY due to bp bioenergy. Biogas supply volumes grew ~5% via Archaea Energy, which started 8 new landfill RNG plants in 2025 (19 since 2023, total capacity 18M mmBtu/year). SAF delivered to 60+ locations in 22 countries. New Etlas JV with Corteva (Jan 2026) aims to produce 1Mt/year feedstock by mid-2030s for ~800kt biofuels.
sustainability_report p.19
bp invests in CCS (Northern Endurance Partnership for CO2 T&S in UK; Tangguh UCC enhanced gas recovery in Indonesia). NbS action plan launched in 2025 with published catalogue for embedding NbS in projects. Carbon sequestration quantified for grassland restoration projects in Montana, US. Note: bp framework treats abatement as including netting by offsets where necessary to achieve net zero.
sustainability_report p.13
bp's gas & low carbon energy segment includes hydrogen, CCS (with four sanctioned projects in development) and Archaea Energy (renewable natural gas). These businesses were subject to significant portfolio reset and rationalization in 2025, with the renewables pipeline target retired. Adjusted EBITDA was below expectations reflecting challenging US solar market and increased ramp-up spend in hydrogen and CCS. Goodwill impairment of $2.0 billion was recognized against Archaea Energy and Lightsource bp.
sustainability_report p.6
bp applies a carbon emissions cost series to investment appraisal for Scope 1 and 2 GHG emissions exceeding defined thresholds. For value-in-use impairment testing, management applies best-estimate future carbon costs by jurisdiction; the most significant instance in 2025 was the UK North Sea at £65/tCO2e in 2026, rising to £243/tCO2e by 2050. Oil and gas price assumptions are framed as net producer prices, with the assumption that broader emission costs would be borne by end-users.
sustainability_report p.63
Following agreement with the works council, approximately 60% of total active membership in German DB plans were closed to future accrual on 31 December 2025, resulting in a net past service cost of $6 million. Affected employees became eligible for new cash balance arrangements from 1 January 2026.
sustainability_report p.7
As part of February 2025 strategy reset, bp retired several previous aims (e.g. the 'more investment into the transition' aim) and reduced the 2030 net zero sales reduction goal from 15-20% to 8-10%. Also simplified sustainability frame to five aims. Transition business capex guidance cut from ~$7bn/yr to $1.5-2.0bn/yr through 2027.
sustainability_report p.355
Following agreement with Dutch retail and refinery works councils, existing Dutch DB plans were closed to future accrual on 31 August 2025, resulting in a curtailment gain of $40 million. New DC plan came into effect 1 September 2025. Netherlands surplus of $277M now fully restricted.
sustainability_report p.7
In 2025, bp received proceeds of $958M from sale of 25% NCI in subsidiary holding bp's 12% interest in Trans-Anatolian pipeline entity, and $1,500M from sale of 49%/50% NCI in subsidiaries holding Permian and Eagle Ford midstream assets.
sustainability_report p.37
In 2025 bp made an adjustment to the operational control boundary for Scope 1 and 2 GHG emissions. Certain operations previously included (e.g. power generation on contractor-operated drilling rigs) are now excluded. Change has less than 1% impact on reported operational emissions.
sustainability_report p.39
bp has prioritized its CCS portfolio based on deliverability, value and returns, with four sanctioned CCS projects currently in development as of 2025. CCS forms part of bp's net zero by 2050 ambition alongside hydrogen and renewable natural gas. No specific tonnage of carbon removals or credits was disclosed in these pages.
sustainability_report p.6
On 26 February 2025, bp announced a new strategy and retired its previous strategic pillars and associated net zero targets and aims. Previous 50% reduction aim revised down to 45-50% reduction in Scope 1 and 2 emissions by 2030 vs 2019 baseline. Transition investment reduced from >$5bn/yr guidance to $1.5-2.0bn/yr.
sustainability_report p.40
Following the outcome of the strategic review of Castrol (decision to divest 65% shareholding), the $4-5 billion structural cost reduction target by end 2027 (introduced at February 2025 Capital Markets Update) was increased to $5.5-6.5 billion.
sustainability_report p.2
In December 2025 bp completed the sale of its US onshore wind business, bp Wind Energy, to LS Power. The transaction included 10 operating assets across seven US states. Proceeds included in $5.3bn total divestment proceeds for 2025.
sustainability_report p.29
In December 2025 the board approved the sale of a 65% shareholding in Castrol to Stonepeak at an enterprise value of $10.1 billion, expected to generate approximately $6 billion in net proceeds. Completion anticipated by end 2026, subject to regulatory approvals. bp retains 35%.
sustainability_report p.81
Murray Auchincloss stepped down as CEO on 18 December 2025. Carol Howle was appointed as interim CEO from 18 December 2025. Meg O'Neill appointed as CEO with effect from 1 April 2026.
sustainability_report p.5
As part of the February 2025 strategy reset, bp confirmed its 2030 aim to reduce operational Scope 1 and 2 emissions by 45-50% against the 2019 baseline of 54.5 MtCO2e. The 2025 target of 20% reduction was achieved (actual 37% reduction).
sustainability_report p.37
In August 2025, bp and JERA completed the formation of JERA Nex bp, a 50:50 offshore wind joint venture focused on offshore wind development, ownership and operations. Combines complementary expertise for operating assets and development projects.
sustainability_report p.9
bp is changing its model for low carbon energy towards capital-light partnerships with external financing. In August 2025, bp formed JERA Nex bp, a 50:50 offshore wind joint venture with JERA focused on disciplined, capital-efficient growth, with bp retaining an option to its equity share of power offtake. In solar, Lightsource bp continues as a leading global onshore renewable developer using a develop-engineer-construct-farm-down model. bp also uses lower carbon power agreements to reduce Scope 2 market-based emissions, which decreased to 0.7 MtCO2e in 2025.
sustainability_report p.29
As announced February 2025, bp shifted to a capital-light renewables model via partnerships. bp took full ownership of Lightsource bp in 2024 (which has delivered 12GW to FID since inception) and announced intent to bring a strategic partner. In August 2025 bp formed JERA Nex bp, a 50:50 offshore wind JV. Archaea Energy purchased RECs equivalent to 125ktCO2e of Scope 2 savings on market basis in 2025. bp offices in Singapore and Ghent acquired RECs covering all energy used.
sustainability_report p.19
bp plans to continue energy efficiency measures, electrify facilities, reduce flaring/venting and improve methane management. Examples include electrifying the Sangachal terminal in Azerbaijan using power from the Shafag solar plant, decarbonizing refinery power with lower-carbon agreements, and steam heat recovery. Emissions reduction projects in 2025 delivered 0.27MtCO2e, including 80ktCO2e at bpx energy from pneumatic controller conversion and electrification, 45ktCO2e at Tangguh LNG, and 28ktCO2e at Cherry Point refinery.
sustainability_report p.15
In 2025 bp grew EV energy sold and number of charge points. Sold more than 1.5TWh of energy and increased EV charge points to more than 41,000 globally across four key markets. Aral pulse has charged more than 5 million EV vehicles since 2020 launch.
sustainability_report p.19
On 26 February 2025, bp announced a fundamentally reset strategy with significant capital reallocation and plans to drive improved performance, aimed at growing free cash flow, returns and long-term shareholder value. Strategy will see bp grow its upstream oil and gas business, focus its downstream business, and invest with increasing discipline into the transition.
sustainability_report p.222
bp is investing in bioenergy to help decarbonize the mobility and aviation value chains. bp bioenergy in Brazil produces ~50 kb/d of sugarcane bioethanol. Archaea Energy (biogas) started up 8 new RNG landfill plants in 2025 (19 total since 2023, 18 million mmBtu/year capacity). In aviation, bp delivered SAF in over 60 locations across 22 countries. In January 2026, bp launched Etlas, a 50:50 joint venture with Corteva to produce crop-based feedstock for SAF and renewable diesel, aiming for 1 million metric tonnes of feedstock per year by mid-2030s.
sustainability_report p.35
bp targets 'near-zero' methane intensity across operated producing assets. Using a new measurement approach adopted in 2024, methane intensity was 0.04% in 2025 (vs 0.07% in 2024), well below the 0.20% target. Methane emissions from upstream operations fell to 25 kt in 2025 from 46 kt in 2024, primarily from improved management of abnormal plant conditions at Tangguh, Indonesia. bp remains on track to reach zero routine flaring by 2030 under the World Bank's Zero Routine Flaring Initiative.
sustainability_report p.38
bp is developing carbon capture and storage projects to decarbonize operations and support third parties. The Net Zero Teesside Power (NZT) and Northern Endurance Partnership (NEP) projects started construction on-site in 2025, with commercial operations expected in 2028. Once fully operational, NZT will capture up to 2 million tonnes of CO2 per annum, transported via NEP infrastructure initially sized for 4 million tonnes of CO2 per annum within the East Coast Cluster. bp also sanctioned the Lingen (Germany) and Castellón green hydrogen projects in 2024, in line with its focus on decarbonizing bp operations. H2Teesside was not progressed and participation in projects in Oman, Australia and US Gulf Coast ended.
sustainability_report p.11
bp tracks operated Scope 1 and 2 emissions against a 2019 baseline as a key performance measure in both annual bonus and long-term incentive plans. In 2025, operated emissions reached 34.3 MtCO2e (33.9 MtCO2e on bonus scope). Emission reduction projects totalling 0.27 MtCO2e included Archaea Energy renewable natural gas switching to low-carbon power, bpx energy's central distribution project enabling decommissioning of legacy gas-driven equipment, flare system improvements at Tangguh, and power management strategy in Trinidad and Tobago. To end-2025, cumulative Scope 1+2 reductions versus 2019 baseline totalled 12.9%.
sustainability_report p.2
bp tracks and delivers operational emissions reductions through energy efficiency projects and flaring minimization. In 2025, 14 new emissions reduction projects delivered 0.27 MtCO2e reductions, including low carbon energy consumption projects. A further 144 ktCO2e was saved through flaring optimization and production process improvements at Tangguh, Trinidad and Tobago (power synchronization delivering 14 ktCO2e), and bpx energy electrification (80 ktCO2e). bp aims for 45-50% reduction in Scope 1 and 2 vs 2019 baseline by 2030. Carbon prices rising from $67/tCO2e in 2026 to $135/tCO2e in 2030 are applied in investment appraisals.
sustainability_report p.40
On 24 December 2025, bp announced an agreement to divest a 65% shareholding in Castrol to Stonepeak, retaining a 35% interest. Cash proceeds estimated at $6 billion. Expected to complete by end of 2026.
sustainability_report p.83
bp's net zero operations aim targets net zero Scope 1 and 2 emissions by 2050 or sooner, with an interim 45-50% reduction by end-2030 vs the 2019 baseline of 54.5 MtCO2e. In 2025, combined Scope 1 and 2 emissions were 34.3 MtCO2e, representing a 37% reduction vs 2019 (exceeding the 20% 2025 target). The total decrease since 2019 includes 18 MtCO2e from divestments and 5.7 MtCO2e from active emissions reduction activity. Operated carbon emissions are linked to executive remuneration (15% of annual bonus and 20% of 2026-28 performance share scorecard).
sustainability_report p.38
bp aims to reduce the average lifecycle carbon intensity of sold energy products to net zero by 2050, targeting an 8-10% reduction vs the 2019 baseline of 84 gCO2e/MJ by 2030. In 2025, the average carbon intensity was 79 gCO2e/MJ, a 7% reduction vs 2019 (meeting the 5% 2025 target). Progress in 2025 was driven by growth in retail power sales through bp Energy Retail and GETEC, Lightsource bp and JERA Nex bp, and improved identification of end-user sales volumes. Scope 3 category 11 (end-use) emissions were 471 MtCO2e in 2025.
sustainability_report p.38
bp sold its US onshore wind energy business with interests in ten operating onshore wind energy assets across seven US states to LS Power. Transaction completed 9 December 2025.
sustainability_report p.83
2025 inorganic capex of $920 million includes the final payment for the bp Bunge Bioenergia acquisition.
sustainability_report p.37
bp and JERA Co. completed the formation of JERA Nex bp on 1 August 2025, combining their offshore wind businesses into an equally-owned joint venture. bp contributed development projects in UK, Germany and US.
sustainability_report p.6
The committee adjusted operated carbon emissions targets under in-flight EDIP awards to align with the strategy reset at start of 2025 and recalibration of internal goals. Effect was to widen the target range by reducing the threshold and increasing the maximum.
sustainability_report p.12
On 26 February 2025, bp announced a strategy reset with consequent impact on the group's key targets and metrics for 2025 and beyond. Post-balance sheet event assessed by management and auditors (Deloitte) in context of 2024 financial statement forecasts and assumptions. The 2025-27 EDIP scorecard was revised to align with the reset strategy (removing transition growth engine measure, adding adjusted free cash flow CAGR). Auditors noted reasonable and complete analysis.
sustainability_report p.20
In November and December 2025, bp completed a two-phase divestment of non-controlling interests in Permian and Eagle Ford midstream assets to investor Sixth Street for a total of $1.5 billion.
sustainability_report p.42
bp agreed to sell its 32% non-operated working interest in the Culzean development; NEO NEXT exercised pre-emption rights and acquired bp's working interest. Deal completed in December 2025.
sustainability_report p.42
On 6 February 2025 bp announced its intention to market its Ruhr Oel GmbH – BP Gelsenkirchen operation in Germany for potential sale, including its refinery in Gelsenkirchen and DHC Solvent Chemie GmbH in Mülheim an der Ruhr.
sustainability_report p.53
On 31 January 2025 bp and Devon Energy agreed to dissolve their Eagle Ford partnership and divide up the assets. The dissolution completed on 1 April 2025.
sustainability_report p.83
On 9 July 2025, bp announced the sale of its Netherlands mobility & convenience and bp pulse businesses to Catom BV, including Dutch retail sites, EV charging hubs and associated fleet business. Completed 1 December 2025.
sustainability_report p.83
bp is aiming for a 45-50% reduction in operational emissions by end of 2030 against 2019 baseline.
sustainability_report p.14
In 2025 bp made an adjustment to the operational control boundary for Scope 1 and 2 GHG emissions. Certain operations such as power generation on contractor-operated drilling rigs are now excluded. Less than 1% impact on reported operational emissions.
sustainability_report p.13
bp completed formation of JERA Nex bp in August 2025, an equally-owned offshore wind joint venture with JERA, contributing UK, Germany and US development projects. Conversely, bp divested its US onshore wind business (bp Wind Energy, 10 assets across 7 states) to LS Power in December 2025. Lightsource bp's developed renewables pipeline reached 8.2 GW by end-2024 before targets were retired under the reset strategy. The reset strategy focuses on value-based portfolio high-grading and decapitalization in renewables.
sustainability_report p.6
As announced in February 2025, bp plans to invest selectively and with discipline in transition businesses ($2.3bn in 2025), with a capital-light model for renewables. This represents a strategic pivot away from previous larger-scale renewables commitments.
sustainability_report p.13
bp reset its water aim in February 2025 and, while still focused on reducing freshwater use in stressed catchments, has retired the aim to be water positive.
sustainability_report p.32
On 26 February 2025 (post-balance sheet), bp announced a strategy reset with consequent impact on key targets and metrics for 2025 and beyond. Cited as a key audit matter (5.1) affecting forecasts and PP&E impairment assumptions. Reflects challenges in low-carbon energy economics (solar margins, interest rates, supply chain inflation) and a shift toward capital-disciplined value creation over volume-driven renewables growth.
sustainability_report p.118
bp anticipates that by 2028 its freshwater withdrawal in stressed catchments will be covered by freshwater management plans.
sustainability_report p.29
Murray Auchincloss stepped down as CEO on 18 December 2025. Carol Howle was appointed as interim CEO. Meg O'Neill announced as incoming CEO from 1 April 2026.
sustainability_report p.2
bp announced its intention to sell the refinery in Gelsenkirchen, Germany, as part of portfolio high-grading.
sustainability_report p.15
On 24 December 2025, bp announced an agreement with Stonepeak to divest a 65% shareholding in the Castrol business, with bp retaining a 35% interest. The Castrol Group Holdings Limited group will form part of that sale.
sustainability_report p.79
In 2025 the executive-level group sustainability committee was replaced by the executive-level group operational risk committee (sustainability), chaired by the CFO.
sustainability_report p.10
Previous just transition aim was retired in 2025 and replaced by a new people aim focused on supporting employees and local communities through the energy transition.
sustainability_report p.24
For 2026-28 the long-term incentive plan scorecard measure will focus on reducing Scope 1 and 2 operational emissions (20% weighting), up from 15% in 2023-25 plan.
sustainability_report p.23
Methane intensity was 0.04% in 2025 (target 0.20%), with absolute methane emissions of 31kt vs 96kt in 2019 baseline. bp deploys real-time measurement, drone/aircraft top-down surveys, predictive emissions monitoring on LNG fleet, and Optical Gas Imaging surveys. bp retained OGMP 2.0 gold standard in 2025. Methane abatement activities delivered ~30ktCO2e reduction. On track for zero routine flaring by 2030 under the World Bank initiative.
sustainability_report p.16
In 2025, bp had seven major project start-ups (vs 1 in 2024) including Greater Tortue Ahmeyim and Azeri Central East, increasing absolute Scope 1+2 emissions.
sustainability_report p.14
2024· 132 events
BP targets a 45-50% reduction in Scope 1 and 2 emissions from operations by 2030 against a 2019 baseline of 54.5MtCO2e. In 2024, combined Scope 1 and 2 were 33.6MtCO2e, a 38% decrease from 2019. During 2024, 27 new emission reduction projects delivered 0.42MtCO2e in reductions including Gelsenkirchen refinery replacing imported steam from a coal-fired plant with gas-fired boilers, and bpx energy's central distribution projects. BP aims to reach zero routine flaring by 2030 in line with the World Bank's Zero Routine Flaring Initiative. Methane intensity target remains 0.20% by end of 2025.
sustainability_report p.40
For the 2024 audit (Deloitte), materiality was set at $800m based on cash flow from operations and underlying replacement cost profit before interest and tax. In 2023, materiality was $1,000m based on profit before tax and underlying RCP before interest and tax. The change reflects challenging macroeconomic conditions and one-off transactions that distorted 2024 profit before tax. This affects the threshold for reportable audit differences.
sustainability_report p.30
BP maintains a resilient hydrocarbon business targeting unit production costs of $6.00/boe by 2025 ($6.20/boe in 2024, $5.80/boe in 2023). Structural cost reductions of ~$0.8bn were delivered in 2024 towards a $4-5bn by end-2027 target, more than offsetting inflation, FX and growth costs. The portfolio is being high-graded through new access in the Middle East, joint venture conversions in Angola and Iraq, extension of Indonesia production-sharing contract and sanctioning 10 higher-value major projects including Kaskida and Tangguh UCC. Impairments of $1.0bn in the North Sea and $0.8bn at Gelsenkirchen refinery reflect energy transition-related portfolio adjustments.
sustainability_report p.2
bp's net zero ambition of net zero across entire bp operations by 2050 (Scope 1+2) is an ESG performance measure in the 2023-25 EDIP performance share scorecard at 15% weighting. The 2024-26 and 2025-27 cycles transition to cumulative % reduction in operated carbon emissions (Scope 1+2 including portfolio change) vs. 2019 baseline. bp also references a 'net zero sales' ambition covering Scope 3 in auditor climate commentary.
sustainability_report p.7
bp completed acquisition of remaining 50.03% of Lightsource bp on 24 October 2024. Previously equity-accounted; now fully consolidated. Financial items comprise 6.3% of net and 2.4% of total assets, 0.1% of revenues, (5.7)% of profit/loss. Lightsource bp is a leading global utility-scale solar developer and key vehicle for bp's renewables strategy. Certain US assets transferred to new JV jointly controlled with founder shareholders prior to completion.
sustainability_report p.65
BP has changed its model for offshore wind to be capital-light, delivering with partners and external financing to improve equity returns. In December 2024, bp agreed with JERA Co., Inc. to form JERA Nex bp, a new 50:50 joint venture to become one of the world's largest global offshore wind developers with 13GW potential net generating capacity. BP's onshore renewables are delivered through Lightsource bp (now 100%-owned), which has developed 12GW to date. By end of 2024, bp had cumulatively brought 8.2GW (bp net) of developed renewables to FID, with installed renewables capacity of 4.0GW net. Going forward, bp expects to invest less than $800 million per year through 2027 in low carbon energy capex, around half allocated to hydrogen and CCS.
sustainability_report p.31
2025 annual bonus scorecard: safety and sustainability 30% total (operated carbon emissions 15%, Tier 1/2 process safety events 15%). 2025-27 EDIP: ESG 15% based on cumulative reduction % in operated carbon emissions vs. 2019 baseline (Scope 1+2 incl. portfolio change). This structure is consistent across 2024-26 and 2025-27 cycles. Previous 2023-25 cycle used net zero by 2050 as the climate measure.
sustainability_report p.6
UK government announced EPL changes effective 1 November 2024: 3% rate increase raising headline rate to 78% on North Sea profits; extension of period to 31 March 2030; removal of main investment allowance. Additional non-cash deferred tax charge ~$0.1 billion in 2024 recognised in year. Extension to 31 March 2030 substantively enacted after year-end will result in ~$0.5 billion non-cash deferred tax charge in 2025.
sustainability_report p.63
bp retired its aim related to the estimated Scope 3 (cat 11) emissions from the carbon in upstream oil and gas production (formerly aim 2).
sustainability_report p.24
2024 was the first year reporting using new methane measurement approach across major operated oil and gas processing sites. Real-time data shows methane generally lower than previously reported, but Tangguh issues caused 2024 intensity rise to 0.07%.
sustainability_report p.4
In November 2024, with partners in Tangguh Indonesia, bp made final investment decision for $7 billion Tangguh UCC project including Indonesia's first at-scale enhanced gas recovery via CCUS, sequestering up to 15Mt CO2 in initial phase.
sustainability_report p.19
In September 2024 bp announced sale of mature gas fields in Trinidad and Tobago to Perenco, as part of refocusing of gas business there.
sustainability_report p.19
Emission reduction projects delivered 0.42MtCO2e in 2024 including: low-carbon energy consumption projects (102ktCO2e), Cherry Point hydrocracker improvement (26ktCO2e), Gelsenkirchen refinery steam project replacing coal-fired imported steam (19ktCO2e), and bpx energy electrification with solar pumps and electric-driven instrument air. Energy efficiency reviews completed at AGT, Trinidad, Gulf of America, Whiting and Rotterdam refineries.
sustainability_report p.19
bp is high-grading hydrogen portfolio, prioritizing projects with regulatory framework, customer demand, CCS linkage and competitive renewable power. Two FIDs taken in 2024: 100MW electrolyser at Lingen Germany (10-11kt/yr green H2 from 2027, supplied by offshore wind) and 25MW Castellón Spain JV with Iberdrola (operational 2026, ~23ktCO2e/yr displacement of grey hydrogen).
sustainability_report p.23
bp adjusted its previous 50% reduction aim for end of 2030 to a range of 45-50% against the 2019 baseline. The aim now includes the now-combined methane reduction aim.
sustainability_report p.17
bp retired its aim for more investment into transition (aim 5), now providing capital frame updates in normal reporting.
sustainability_report p.24
In October 2024 bp took full ownership of bp Bunge Bioenergia, now called bp bioenergy, a top-three sugar cane bioethanol producer in Brazil with ~50,000 barrels/day ethanol capacity. Added 69.9ktCO2e Scope 1+2 emissions for part-year.
sustainability_report p.23
FID taken December 2024 for 100MW electrolyser at Lingen refinery Germany, expected to produce 10-11kt green hydrogen per year from 2027.
sustainability_report p.23
Permanent emissions increases of 3.6MtCO2e from new projects ramping up including Tangguh LNG Train 3 in Indonesia, Argos platform in Gulf of America, bpx energy production increases, and Seagull North Sea start-up.
sustainability_report p.18
bp scaled biofuels production ~9% YoY and biogas supply volumes ~5% YoY in 2024. Archaea Energy started up 9 new RNG plants including a large modular plant in Shawnee, Kansas. bp bioenergy (formerly bp Bunge) produces ~50,000 boe/day ethanol equivalent from sugar cane across 11 agro-industrial units in 5 Brazilian states. Co-processing volumes growing; 10-year MIGASA agreement for 40,000t/yr industrial waste vegetable oil for SAF/HVO at Castellón refinery.
sustainability_report p.23
bp continues high-grading portfolio toward most resilient assets. In September 2024 announced sale of mature Trinidad and Tobago gas fields to Perenco. Total divestments reduced Scope 1+2 emissions by 60ktCO2e in 2024. Cumulative 18MtCO2e of Scope 1+2 reduction since 2019 baseline attributable to divestments.
sustainability_report p.19
bp's aim for end of 2030 net zero sales is now a reduction of 8-10% (previously 15-20%) against the 2019 baseline. Significant weakening of decarbonization ambition for products sold.
sustainability_report p.17
bp updated its net zero sales methodology to follow a net volume accounting approach guided by Ipieca's sectoral guidance. 2019 baseline restated to 84gCO2e/MJ and prior years restated.
sustainability_report p.21
bp completed acquisition of GETEC ENERGIE in August 2024, expanding power supply to commercial and industrial customers in Europe.
sustainability_report p.21
With 50:50 partner Iberdrola, bp took FID in September 2024 to develop 25MW green hydrogen project at Castellón refinery Spain, expected operational 2026, displacing grey hydrogen and avoiding ~23ktCO2e annually.
sustainability_report p.19
In February 2025 bp announced a strategy reset, retiring multiple previous sustainability aims and concentrating on 5 areas: net zero operations, net zero sales, people, biodiversity, water. Also moved to capital-light renewables model.
sustainability_report p.1
In 2024 bp pulse reached the milestone of 1 TWh of EV energy sold and increased EV charge points to ~39,100 globally (+35% vs 2023). Focused on UK, Germany, China, US — the four largest EV markets. Partnership with ADAC in Germany (20M members), opened standalone Aral Gigahub with 28 charge points, and 2MWh batteries at Shenzhen charging hub in China.
sustainability_report p.23
In October 2024, bp took full ownership of bp bioenergy in Brazil, acquiring Bunge's 50% interest. This is one of the top-three sugarcane bioethanol producers in Brazil, with capacity to produce around 50,000 barrels/day of ethanol. Added ~12,700 employees. Headcount increased from 87,800 (2023) to 100,500 (2024).
sustainability_report p.25
BP retired its aim related to estimated Scope 3 (category 11) emissions from carbon in upstream oil and gas production. Previously tracked as 'net zero production' aim. Scope 3 production emissions were 322MtCO2 in 2024, an 11% reduction vs 2019 baseline.
sustainability_report p.41
BP completed the acquisition of the remaining 50.03% interest in Lightsource bp, one of the world's leading developers and operators of utility-scale solar assets. LSbp has developed 12GW to date.
sustainability_report p.31
In December 2024, bp and partners reached financial close on NZT Power and NEP projects. NEP will develop infrastructure to transport and store up to an initial 4MtCO2 annually from three Teesside-based carbon capture projects within the East Coast Cluster. NZT Power aims to generate up to 742MW of flexible low carbon power with up to 2MtCO2 per year captured.
sustainability_report p.13
BP is investing in several CCS projects to support decarbonisation of its operations and enable net zero contributions. In December 2024, financial close was reached for the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT Power) in the UK, which together aim to capture and store up to 4MtCO2 per year from three Teesside projects. The Tangguh UCC project in Indonesia is expected to sequester around 15MtCO2 during its initial phase. In hydrogen and CCS, bp is focusing on five to seven high-quality projects this decade, having reduced from 30 projects, with four taking FID in 2024. BP also sanctioned a 25MW green hydrogen project at its Castellón refinery and a 100MW Lingen Green Hydrogen project in Germany.
sustainability_report p.29
BP's net zero sales aim targets reducing the average lifecycle carbon intensity of the energy products it sells to net zero by 2050 or sooner. In 2024, the average carbon intensity was 79gCO2e/MJ, a 6% reduction from the 2019 baseline of 84gCO2e/MJ. BP is targeting a 5% reduction by end of 2025 and an 8-10% reduction by end of 2030 vs 2019. This is driven by improvements in well-to-tank emissions, changes in sold product mix, and strategic acquisitions such as EDF Energy Services. BP uses a net volume accounting approach guided by Ipieca's sectoral guidance for Scope 3 reporting.
sustainability_report p.41
In 2024, bp started reporting on the basis of a new methane measurement approach across major operated upstream oil and gas assets. Prior to 2024, methane emissions were calculated using a different methodology. Methane intensity reported as 0.07% (2023 0.05% on old basis). Prior year data provided for information only, not directly comparable.
sustainability_report p.18
In October 2024, bp completed the sale of its Türkiye ground fuels business to Petrol Ofisi, including the group's interest in three joint venture terminals. Loss on disposal of $1.267 billion recorded.
sustainability_report p.35
BP invests selectively in biofuels and EV charging where it sees strong demand growth. In 2024, bp took full ownership of bp bioenergy in Brazil (capacity ~50kb/d ethanol) and Archaea Energy continued growing its renewable natural gas (RNG) landfill business, starting nine plants in 2024. BP's EV charging network grew to over 39,000 charge points (vs >29,000 in 2023), with energy sold and EV charge points installed growing 75% and 35% respectively. BP's biofuels production was 35kb/d in 2024 (2023: 32kb/d). The strategy focuses on selective investment in biogas, biofuels, and EV charging to help customers decarbonise.
sustainability_report p.23
BP's Scope 2 (market-based) indirect emissions decreased by 0.2MtCO2e to 0.8MtCO2e in 2024. This was achieved through continued use of lower carbon power agreements and a project at the Gelsenkirchen refinery to replace imported steam from a coal-fired power plant with steam produced in bp's own gas-fired boilers. BP also pursues energy efficiency improvements across its operated portfolio through spinning reserve reduction and portfolio-wide efficiency programmes reviewed in Azerbaijan, Georgia, Türkiye, Trinidad, and the Gulf of America.
sustainability_report p.41
BP is prioritising fewer, higher value hydrogen and CCS projects — focusing on jurisdictions with adequate regulatory frameworks, access to the value chain, and linkage to carbon capture and competitive renewable power. In 2024, bp made FIDs on four hydrogen/CCS projects including NZT Power (742MW), NEP (4MtCO2/yr storage), Tangguh UCC (15MtCO2 sequestration), and Lingen Green Hydrogen (100MW electrolyser, 11,000 tonnes/yr green hydrogen). Going forward, bp expects to invest around half of its low carbon capex (less than $800m/yr through 2027) on hydrogen and CCS projects already through FID.
sustainability_report p.29
BP is building a diversified low carbon energy portfolio alongside its hydrocarbon base. Hydrogen projects are prioritised on returns and feasibility, with four recent FIDs achieved. The full acquisition of bp Bunge Bioenergia (October 2024) brings Brazilian bioenergy (sugarcane ethanol, bioelectricity) fully onto bp's balance sheet. The JERA Nex bp JV combines bp's and JERA Co.'s offshore wind development capabilities across four countries. However, low carbon energy delivered lower adjusted EBITDA than expected during 2022-24 due to the challenging solar market in the US and rapid ramp-up costs in hydrogen and offshore wind.
sustainability_report p.3
Average number of employees grew from 79,400 in 2023 to 91,000 in 2024, an increase of approximately 11,600 largely driven by the customers & products and other businesses and corporate segments.
sustainability_report p.221
bp acquired bp Bunge Bioenergia (formerly Bunge Bioenergia) on 1 October 2024 as a step acquisition. Financial statement items comprise 2.1% and 0.9% of net and total assets. Remeasurement gain recognised.
sustainability_report p.139
bp and JERA Co., Inc. agreed to combine their offshore wind businesses into a new 50/50 JV – JERA Nex bp. Related assets classified as held for sale ($1,793 million) at 31 December 2024.
sustainability_report p.163
bp embeds Scope 1 and 2 emissions reduction directly into executive incentive scorecards. The 2025 annual bonus includes a 15% weighting on operated carbon emissions, measured vs. a 2023 baseline for structural cost-reduction alignment. The 2025-27 EDIP performance shares include a 15% ESG component measuring cumulative reduction % in operated carbon emissions vs. the 2019 baseline. This creates a direct financial incentive for reducing operational GHG intensity across bp's upstream and refining operations.
sustainability_report p.104
On 24 October, bp completed the acquisition of the remaining 50.03% of Lightsource bp. Total consideration for Lightsource bp step acquisition was $1,328 million. Financial statement line items comprise 6.3% and 2.4% of net and total assets.
sustainability_report p.139
On 16 September 2024, bp announced plans to sell its US onshore wind energy business. Assets classified as held for sale at $569 million at 31 December 2024.
sustainability_report p.163
Organic capital expenditure rose from $14,998 million in 2023 to $16,135 million in 2024 per the relative importance of spend on pay chart.
sustainability_report p.108
Sale completed 31 October 2024, resulting in a loss on disposal of $1,132 million including recycling of cumulative foreign exchange losses of $942 million.
sustainability_report p.163
The 2025-27 EDIP ESG metric changed from 'Net zero across entire bp operations by 2050 (Scope 1+2)' to 'Cumulative reduction % in operated carbon emissions vs. 2019 baseline'. Scorecard performance window shifted to near-term reduction focus.
sustainability_report p.105
bp delivered 8.2 GW of renewables to FID (bp net) by end of 2024, with key contributions from Lightsource bp (100% owned from October 2024) and the 100% solar pipeline (Cygnus). The renewables pipeline reached 60.6 GW by 2024. Offshore wind progress was impacted by supply chain inflation. In hydrogen, bp prioritised projects on returns/feasibility with four recent FIDs. The full acquisition of Lightsource bp in October 2024 consolidated bp bioenergy and solar assets.
sustainability_report p.100
bp maintains a net zero ambition for operations and net zero sales by 2050. The auditors confirmed that the majority of assets on the group's balance sheet will have immaterial carrying values by 2050, consistent with bp's sustainability aims. bp's investment appraisal process includes carbon emissions cost series applied to Scope 1 and 2 GHG emissions; for the UK North Sea this was £59/tCO2e in 2025 rising to £231/tCO2e by 2050. No explicit durable removal volumes were disclosed in these pages.
sustainability_report p.146
On 1 October 2024 and 24 October 2024 respectively, bp completed acquisitions of bp Bunge Bioenergia and Lightsource bp. These were excluded from management's assessment of internal control over financial reporting in year 1 of consolidation.
sustainability_report p.38
In December, Azule Energy (bp 50% JV) completed acquisition of a 42.5% interest in exploration block 2914A (PEL85), Orange Basin, offshore Namibia, expanding bp's upstream portfolio in Africa.
sustainability_report p.21
On 1 December 2024 bp completed the sale of its 50% ownership in the SAPREF refinery to the South African state-owned entity Central Energy Fund SOC Ltd.
sustainability_report p.30
bp's 'aim 2' to reach net zero CO2 emissions from carbon in upstream oil and gas production (previously a Scope 3 Cat 11 related target) was retired as of February 2025. This aim previously related to Scope 3 category 11 emissions within the selected boundary of bp's net share of upstream production.
sustainability_report p.54
bp's net zero operations aim targets reaching net zero operational greenhouse gas (CO2 and methane) emissions by 2050 or sooner, on a gross operational control basis aligned with reported Scope 1 and 2 emissions. Any interim target is defined in terms of absolute reductions relative to the baseline year of 2019. bp manages methane intensity aligned with the OGCI methodology and reports methane intensity as a percentage of total gas going to market from operated upstream assets.
sustainability_report p.54
bp achieved $750 million of structural cost reduction in 2024 relative to 2023 underlying operating expenditure levels. Total underlying operating expenditure was $22,326 million in 2024 vs $22,633 million in 2023. Cost reductions include operational efficiencies, workforce reductions and other cost savings sustainable compared with 2023 levels. This reduces the operational cost and carbon intensity footprint of bp's operated assets.
sustainability_report p.65
On 16 January 2024, bp announced a major group restructuring project (reinvent bp). Restructuring charges classified as adjusting items for charges providing provisions from the group transformation project. 2024 charges include $(25)M restructuring in gas & low carbon energy and $(123)M in customers & products.
sustainability_report p.15
bp applies two quantitative Paris-consistency tests to all new material capex investments (decisions >$250 million for new projects, assets or entities). This process was active through 2024. The evaluation covers investments in oil and gas resources and other energy sources, ensuring consistency with the Paris goals, as mandated by the CA100+ shareholder resolution passed at bp's 2019 AGM.
sustainability_report p.54
On 20 December 2024 bp delisted from the Hamburg and Düsseldorf Stock Exchanges and announced its intention to delist from the Frankfurt Stock Exchange on 18 April 2024.
sustainability_report p.44
As announced February 2025, bp is changing its renewables model — delivering with partners and external financing that is capital-light for bp. The Lightsource bp platform is scaled for 3-5GW of power annually backed by a 50GW pipeline. In December 2024 bp announced JERA Nex bp, a global offshore wind JV with Japan's JERA combining assets with 13GW potential net generating capacity. Installed renewables capacity reached 4.0GW net (2023: 2.7GW), with 8.2GW developed to FID.
sustainability_report p.23
bp uses a new source-level methane measurement approach with real-time data, drones, aircraft-mounted sensors, and flare gas analysers. Retained OGMP 2.0 gold status in 2024. Methane intensity was 0.07% in 2024 (below 0.20% near-zero threshold per OGCI/UNEP). bpx energy achieved zero routine flaring ahead of 2025 goal. Total upstream flaring decreased from 861kt to 613kt.
sustainability_report p.20
In October 2024, the UK government increased the EPL on North Sea profits from 75% to 78% (effective 1 November 2024) and removed the main investment allowance. The period of application was extended to 31 March 2030. This resulted in an additional ~$0.1bn non-cash deferred tax charge in 2024 and will trigger a further ~$0.5bn deferred tax charge for the year ending 31 December 2025.
sustainability_report p.63
bp completed acquisition of remaining 50.03% of Lightsource bp on 24 October 2024. Total consideration for the step acquisition was $1,328M with $227M paid in cash (offset by $589M cash acquired). Net assets recognised (including goodwill) $2,848M. Lightsource bp line items: 6.3%/2.4% of net/total consolidated assets. PCAOB audit excluded internal controls for Lightsource bp. Increases solar developer capacity significantly.
sustainability_report p.164
bp acquired bp bioenergy (formerly Bunge Bioenergia) on 1 October 2024, completing its ownership of the biogas/biofuels business. Line items: 2.1%/0.9% of net/total assets, 0.3% of sales and -4.5% of profit/loss for 2024. Internal controls excluded from PCAOB audit scope. Adds biogas and biofuels assets to bp's low-carbon energy portfolio.
sustainability_report p.139
bp sold its Türkiye ground fuels business (including interests in three JV fuel terminals) to Petrol Ofisi, completing on 31 October 2024. Loss on disposal of $1,132M including recycling of cumulative foreign exchange losses of $942M from reserves. Assets of $151M had been classified as held-for-sale at 31 Dec 2023. Reduces downstream fuels exposure.
sustainability_report p.163
On 16 September 2024, bp announced plans to sell its US onshore wind business (bp Wind Energy) with interests in 10 operating onshore wind energy assets across 7 US states. Carrying value at 31 Dec 2024: $569M classified as held-for-sale (associated liabilities $41M). Completion expected in 2025. Represents a reduction in bp's renewable electricity portfolio.
sustainability_report p.163
On 9 December 2024, bp and JERA Co. agreed to combine offshore wind businesses into a new standalone equally-owned JV – JERA Nex bp – subject to regulatory approvals by end-Q3 2025. bp will contribute UK, Japan, Germany and US offshore wind development projects. Related assets: $1,793M classified as held-for-sale at 31 Dec 2024 (liabilities $14M).
sustainability_report p.163
bp's net zero operations target by 2050 (Scope 1+2) is embedded at 15% weighting in the 2023-25 executive performance shares. For 2024-26 and 2025-27 EDIP cycles, the specific metric shifts to 'cumulative reduction % in operated carbon emissions vs. 2019 baseline' (threshold-max range: ~39-42.5% cumulative reduction). The 2025 annual bonus also includes operated carbon emissions at 15% of the safety/sustainability element.
sustainability_report p.105
Cumulative reduction % in operated carbon emissions (Scope 1 and 2 GHG emission reductions vs 2019 baseline, including portfolio change) carries 15% weighting in the 2024-26 and 2025-27 executive performance share plans. In the 2025 annual bonus, operated carbon emissions carries a 15% weighting. Threshold vesting requires 35% cumulative reduction; maximum above 42.5% (2024-26 EDIP scale). Supersedes the 2023-25 cycle which used absolute net zero by 2050 as the ESG measure.
sustainability_report p.6
In October 2024, UK government announced EPL changes effective 1 November 2024: headline rate increased to 78% (+3pp), extended to 31 March 2030, main investment allowance removed. Impact: additional non-cash deferred tax charge ~$0.1B in 2024 and further ~$0.5B in 2025 (extension substantively enacted after 31 Dec 2024). Increases effective tax burden on bp's North Sea operations materially.
sustainability_report p.161
BP completed the sale of its Türkiye ground fuels business to Petrol Ofisi on 31 October 2024. This included the group's interest in three joint venture terminals. The transaction resulted in a loss on disposal of $1,132m including recycling of $942m cumulative foreign exchange losses from reserves. Previously classified as held for sale ($151m assets, $62m liabilities at end-2023).
sustainability_report p.65
On 16 September 2024, bp announced plans to sell its US onshore wind business (bp Wind Energy), which has interests in 10 operating onshore wind energy assets across 7 US states. Assets classified as held for sale ($569m carrying value, $41m associated liabilities) at 31 December 2024. Disposal of a producing asset considered highly probable to complete in 2025.
sustainability_report p.65
On 9 December 2024, bp and JERA Co., Inc. agreed to form JERA Nex bp, a new standalone 50:50 joint venture combining their offshore wind businesses. BP will contribute development projects in UK, Japan, Germany and the US to the JV. Related assets ($1,793m) classified as held for sale at 31 December 2024. Completion expected by Q3 2025 subject to regulatory approvals.
sustainability_report p.65
BP acquired the remaining 50.03% of Lightsource bp on 24 October 2024 for total consideration of $1,328m (cash paid $227m, offset by $589m cash acquired). Lightsource bp is a major global solar developer. This changes bp's consolidation boundary materially, adding solar project assets and associated Scope 1/2 emissions to bp's operational boundary. bp bioenergy financial statement items as excluded from PCAOB internal-control audit.
sustainability_report p.41
BP acquired the remaining interest in bp Bunge Bioenergia (formerly a JV with Bunge) completing the step acquisition on 1 October 2024. The business is a Brazilian bioenergy company producing sugarcane ethanol and bioelectricity. The acquisition materially changes bp's consolidation scope for bioenergy operations. bp bioenergy excluded from the PCAOB internal-control scope. Biogas business reclassified to gas & low carbon energy segment in February 2025.
sustainability_report p.41
On 26 February 2025, bp announced a full strategy reset with consequent impact on key targets and metrics for 2025 and beyond. This post-balance-sheet event was considered by management in the context of 2024 forecasts and assumptions (noted on page 20 of the report). The reset follows a transition strategy update in February 2023 that had already scaled back earlier clean energy targets. Affects interpretation of net zero commitment and decarbonisation trajectory.
sustainability_report p.20
For 2024-26 and 2025-27 EDIP cycles, the 15% ESG metric changed from 'Net zero across entire bp operations by 2050 (Scope 1+2)' to 'Cumulative reduction % in operated carbon emissions vs. 2019 baseline'. The 2025-27 EDIP graph shows threshold at 5% cumulative reduction and maximum at above 42.5%. This shifts focus from a long-horizon commitment to a near-term measurable reduction target, and potentially makes the climate target easier to achieve.
sustainability_report p.105
bp delivered approximately $0.8 billion in structural cost reductions in 2024, more than offsetting inflation, FX and growth-related cost increases, thereby reducing underlying operating expenditure. The 2025 annual bonus introduces a structural cost reduction measure at 25% weighting (replacing the earnings measure), measured against a 2023 baseline targeting $4-5 billion in structural cost reductions by end-2027. The Capital Markets Update (February 2025) underpins the new scorecard focus on sustainable cost reductions maintainable beyond 2027.
sustainability_report p.3
In October 2024, the UK government increased the Energy Profits Levy by 3% (effective 1 November 2024), extending it to 31 March 2030 and removing the main investment allowance. Headline UK North Sea profits tax rate is now 78%. Resulted in additional non-cash deferred tax charge of ~$0.1 billion in 2024 and expected ~$0.5 billion in year ending 31 December 2025. Increases the tax burden on bp's UK upstream operations.
sustainability_report p.63
On 26 February 2025, bp announced a strategy reset with consequent impact on key targets and metrics for 2025 and beyond. The reset shifts strategic focus toward cash generation, disciplined capital allocation and structural cost reductions ($4-5bn by end-2027). Management considered the post-balance sheet announcement in the context of 2024 forecasts and impairment assumptions. Expected to result in scaling back of certain low carbon energy commitments.
sustainability_report p.20
On 9 December 2024, bp and JERA Co., Inc. agreed to form a new equally-owned standalone JV (JERA Nex bp) combining their offshore wind businesses. bp to contribute development projects in UK, Japan, Germany and US. Subject to regulatory approvals; expected to complete by end Q3 2025. Related assets ($1,793M) classified as held for sale at 31 December 2024. Reduces bp's direct ownership of offshore wind while maintaining exposure at scale.
sustainability_report p.65
On 16 September 2024, bp announced plans to sell bp Wind Energy, its US onshore wind energy business with interests in ten operating onshore wind assets across seven US states. Carrying amount of assets held for sale at 31 December 2024 is $569M with associated liabilities of $41M. Completion expected in 2025. Represents a retreat from onshore wind assets in the US.
sustainability_report p.65
bp sold its Türkiye ground fuels business (including three joint venture fuel terminals) to Petrol Ofisi, completing 31 October 2024. Loss on disposal of $1,132M including recycling of cumulative foreign exchange losses of $942M. Assets were classified as held for sale at 31 December 2023 ($151M). Affects customers & products segment revenue comparability.
sustainability_report p.65
bp completed step acquisition of bp Bunge Bioenergia (formerly Bunge Bioenergia) on 1 October 2024. Financial statement line items comprise 2.1% of net and 0.9% of total assets at year-end. Total consideration for Lightsource bp and Bunge Bioenergia combined was $1,328M. Adds Brazilian bioenergy operations to bp's portfolio; supports low carbon energy segment.
sustainability_report p.139
bp's primary climate KPI is cumulative % reduction in operated carbon emissions (Scope 1+2, including portfolio change) vs. a 2019 baseline. This measure carries 15% weighting in both the 2025 annual bonus scorecard and the 2025-27 EDIP performance share plan. Previous 2023-25 EDIP used net zero by 2050 (Scope 1+2) as the climate measure. Carbon pricing is incorporated in investment appraisal for operational GHG emissions above defined thresholds; Gelsenkirchen refinery impairment testing used ~$97/tCO₂e; UK North Sea used £59/tCO₂e in 2025 rising to £231/tCO₂e in 2050.
sustainability_report p.6
bp's renewables strategy centres on three pillars: utility-scale solar via wholly-owned Lightsource bp (acquired 100% October 2024); offshore wind through the new JERA Nex bp JV (50/50 with JERA, contributing UK, Japan, Germany and US projects, formed December 2024); and hydrogen with four recent FIDs achieved in the period. By end-2024, bp had delivered 8.2GW to FID (bp net) against a 2025 target of 20GW, tracking behind. The gross renewables pipeline grew from 37.2GW (2022) to 60.6GW (2024). Solar impacted by elevated interest rates and supply chain issues; offshore wind materially impacted by supply chain inflation across turbines and vessels.
sustainability_report p.2
bp completed step acquisition of Lightsource bp (solar development) on 24 October 2024 for net cash of $589M offset by $1,031M acquired. Financial statement line items comprise 6.3% of net and 2.4% of total assets at 31 December 2024. Excludes the internal control over financial reporting assessment. Increases bp's solar development capacity; creates new goodwill (~$2.2B Lightsource bp goodwill in G&LCE segment).
sustainability_report p.139
bp's net zero across operations by 2050 (Scope 1+2) is embedded in the 2023-25 performance share plan at 15% weight. The 2024-26 and 2025-27 EDIP cycles use 'cumulative reduction % in operated carbon emissions' (Scope 1+2 GHG vs 2019 baseline) as the ESG KPI at 15% weight. The 2025 annual bonus also includes operated carbon emissions at 15% under the safety & sustainability category (30% total).
sustainability_report p.105
On 14 February 2024, bp and ADNOC agreed to form a JV in Egypt. On 16 December 2024, bp and XRG (ADNOC's international energy investment company) completed formation of Arcius Energy (51% bp, 49% XRG). bp contributed interests in three development concessions plus exploration agreements in Egypt; XRG made a proportionate cash contribution. Proceeds of $594M from this transaction included in 2024 disposal proceeds.
sustainability_report p.65
BP is reshaping its portfolio through targeted divestitures and joint ventures to improve returns and manage carbon exposure. In 2024, bp divested its Türkiye ground fuels business (loss $1.1bn), planned the sale of US onshore wind (bp Wind Energy), and formed Arcius Energy JV with ADNOC in Egypt (51% bp, 49% XRG). Total disposal proceeds in 2024 were $2,906m versus $1,326m in 2023. Portfolio change is explicitly incorporated into the operated carbon emissions KPI for executive compensation, creating a direct link between asset strategy and the carbon metric trajectory. The gas is now flowing at the Greater Tortue Ahmeyim LNG project (West Africa), expected to produce 2.4 million tonnes LNG annually.
sustainability_report p.65
2024 inorganic capex includes cash acquired net of acquisition payments on completion of the bp Bunge Bioenergia and Lightsource bp acquisitions.
sustainability_report p.37
bp acquired full ownership of bp bioenergy (formerly called Bunge Bioenergia) on 1 October 2024. Brazil-based sugarcane bioethanol and bioenergy business. Financial items comprise 2.1% of net and 0.9% of total assets, 0.3% of revenues, (4.5)% of profit/loss. bp announced intention to move its biogas business to gas & low carbon energy segment from February 2025. Combined step acquisitions consideration: $1,328M total.
sustainability_report p.65
2024 and 2023 capital expenditure by segment has been restated to reflect the move of the Archaea Energy business from the customers & products segment to the gas & low carbon energy segment.
sustainability_report p.37
On 9 December 2024, bp and JERA Co., Inc. agreed to combine their offshore wind businesses into JERA Nex bp, a new standalone equally-owned JV. bp will contribute development projects in UK, Japan, Germany and US. Completion targeted by end Q3 2025 subject to regulatory approvals. Related assets/liabilities classified as held for sale: $1,793M assets / $14M liabilities at 31 December 2024.
sustainability_report p.65
BP has developed 8.2 GW of renewables to FID (bp net) by end-2024, primarily through Lightsource bp solar and offshore wind. The full acquisition of Lightsource bp (October 2024) and formation of the JERA Nex bp offshore wind JV (December 2024, combining bp and JERA's offshore wind projects in UK, Japan, Germany and US) are key structural moves. Total renewables pipeline grew to 60.6 GW in 2024 (from 58.3 GW in 2023). However, the 20 GW to FID by 2025 target is tracking behind plan due to rising interest rates, solar market challenges and offshore wind supply chain inflation. BP is simultaneously divesting its US onshore wind business (bp Wind Energy), announced September 2024.
sustainability_report p.2
Deloitte changed the basis for determining group financial statement materiality from profit before tax and underlying replacement cost profit (2023) to cash flow from operations and underlying RCP before interest and tax (2024), due to changing macroeconomic conditions, one-off transactions and strategic decisions. Group materiality set at $800 million (2023: $1,000 million). Component materiality range $182-416M; audit committee reporting threshold $40M.
sustainability_report p.30
2024 includes $942 million recycling of cumulative foreign exchange losses from reserves relating to the sale of bp's Türkiye ground fuels business to Petrol Ofisi.
sustainability_report p.32
Other movements in 2024 finance debt includes $3,726 million of finance debt and $585 million of lease liabilities acquired as part of the Lightsource bp and bp Bunge Bioenergia business combinations.
sustainability_report p.15
Since 2024, absolute methane emissions from major operated oil and gas processing sites are reported using a new measurement approach. Prior to 2024, a different methodology was used, so prior years are not directly comparable for methane intensity targets.
sustainability_report p.17
bp is growing its convenience network toward 3,000 strategic sites (2,950 in 2024) while diversifying Castrol into battery-swapping ecosystems and EV-related lubricants through a new Audi Formula 1 partnership. TravelCenters of America (acquired 2023) substantially grows US convenience gross margin (17% in 2024 vs 10% target). Castrol delivered six consecutive quarters of year-on-year underlying earnings growth. EV charging infrastructure is being deployed across bp's convenience network as fuel volumes gradually transition.
sustainability_report p.101
bp's primary near-term climate performance metric is cumulative reduction in operated carbon emissions (Scope 1+2) vs. its 2019 baseline, set at 15% weighting in executive pay from 2024 onwards. The 2025-27 EDIP targets a 5-42.5% cumulative reduction range. bp uses internal carbon price series in investment appraisals and impairment testing: £59-231/tCO2e for UK North Sea (2025-2050) and ~$97/tCO2e average for Gelsenkirchen refinery. The net zero ambition for Scope 1+2 operations by 2050 underpins the long-term trajectory, noting a post-balance-sheet strategy reset in February 2025 may revise specific commitments.
sustainability_report p.104
BP targets cumulative reductions in Scope 1 and 2 GHG emissions versus a 2019 baseline including portfolio change. This metric carries 15% weighting in both the 2024-26 and 2025-27 executive performance share plans, and 15% of the 2025 annual bonus. Threshold vesting requires ~35% cumulative reduction vs. 2019; maximum above ~42.5% for the 2024-26 EDIP cycle (per the vesting curve on page 6). The metric explicitly incorporates portfolio changes (acquisitions/divestitures), tying carbon performance directly to bp's reshaping of its asset base.
sustainability_report p.6
bp is building a low carbon energy portfolio through bp Bunge Bioenergia (bioenergy, Brazil; 100% owned from October 2024), hydrogen (four recent FIDs; projects prioritised by returns and feasibility), and LNG (Greater Tortue Ahmeyim project set to produce 2.4 million tonnes LNG annually). Low carbon energy delivered lower EBITDA than expected in 2022-24 due to challenging solar and offshore wind market conditions and rapid hydrogen ramp-up costs. Following the February 2025 strategy reset, bp is applying a more constrained capital frame to low carbon energy investments.
sustainability_report p.100
bp has built a renewables pipeline of 60.6GW by end-2024 (2022: 37.2GW; 2023: 58.3GW), though FID-committed renewables (bp net) reached only 8.2GW against a 2025 target of 20GW. Growth has been driven by Lightsource bp (now 100%-owned from October 2024) for solar and offshore wind bids. The new offshore wind JV JERA Nex bp was agreed with JERA in December 2024. Hydrogen portfolio is being prioritised for returns/feasibility with four recent FIDs. Following a February 2025 strategy reset, bp is transitioning from volume-driven origination to capital-disciplined value creation, acknowledging that solar economics and interest rate headwinds impacted delivery.
sustainability_report p.100
bp targets cumulative reduction in operated carbon emissions (Scope 1+2 GHG vs 2019 baseline) as a core executive incentive metric, carrying 15% weight in the 2025-27 EDIP and 15% weight in the 2025 annual bonus. Internal carbon prices of £59/tCO2e (UK North Sea 2025, rising to £231/tCO2e by 2050) and ~$97/tCO2e average (Gelsenkirchen refinery) are applied in investment appraisals to Scope 1+2 emissions above defined thresholds. bp aims to reach net zero across operations by 2050.
sustainability_report p.6
bp is reshaping its portfolio toward lower-carbon assets: divesting US onshore wind (announced September 2024), Türkiye ground fuels (completed October 2024), and other non-core upstream assets, while completing 100% ownership of Lightsource bp and bp bioenergy. Structural cost reductions of ~$0.8B were delivered in 2024 toward a $4-5B target by end-2027. The 2022-24 EDIP vested at 66.5% (vs. 75% in 2021-23), partly reflecting below-target low-carbon energy EBITDA delivery due to challenging solar and EV markets.
sustainability_report p.101
bp's customers & products segment is transitioning to lower-carbon mobility through EV charging, Castrol's new Audi Formula 1 partnership and battery-swapping ecosystem diversification. Castrol grew underlying earnings 14% in 2024 with six consecutive quarters of year-on-year growth. bp bioenergy (Bunge Bioenergia, 100% owned from October 2024) provides bioethanol and bioenergy from sugarcane in Brazil. TravelCenters of America (acquired 2023) delivers convenience margin growth with a 2025 target of ~10% CAGR by 2030. Convenience margin reached 17% in 2024 vs 10% target.
sustainability_report p.3
bp has expanded its renewables capacity through Lightsource bp (100% acquired October 2024) for solar development globally, and through offshore wind via the newly formed JERA Nex bp 50/50 JV with JERA Co. By end-2024, bp delivered 8.2GW to FID (bp net) against a 20GW 2025 target, with a total renewables pipeline of 60.6GW (up from 37.2GW in 2022). The solar sector has been impacted by increased interest rates, inflation and supply chain issues in the US. Hydrogen projects have been prioritised on returns and feasibility, with four recent FIDs. bp builds and sells renewable energy assets rather than primarily procuring renewables for its own operations.
sustainability_report p.100
bp is commercialising low-carbon customer-facing products including biofuels/biogas via bp bioenergy (100% acquired October 2024), EV charging infrastructure embedded in 2,950 strategic convenience sites globally, and hydrogen with four recent FIDs. Castrol is diversifying into battery-swapping ecosystems through a new Audi Formula 1 strategic partnership. The convenience pillar delivered strong margin growth (17% in 2024 vs. 10% target) though challenging market conditions impacted overall financial delivery. The Castrol performance KPI was retired mid-cycle as performance was assessed 'in the round'.
sustainability_report p.101
bp is high-grading its hydrocarbon portfolio to drive higher margins and reduce emissions intensity through selective investment and divestment. In 2022-24: completed JV conversions in Angola and Iraq, extended Indonesia production-sharing contract, completed 10 major projects, increased bpx production 33%. Unit production costs averaged $6.01/boe (target $6.00/boe). Carbon prices embedded in investment appraisal for operated Scope 1+2 GHG emissions above defined thresholds. The majority of upstream oil and gas properties are expected to have immaterial carrying values within 12 years.
sustainability_report p.2
Since 2024 reported absolute methane emissions from major operated oil and gas processing sites are based on a new measurement approach. Prior years' data does not directly correlate.
sustainability_report p.13
bp completed the acquisition of bp bioenergy in 2024, with $0.8bn of inorganic spend in 2025 also linked.
sustainability_report p.13
BP is accelerating growth in convenience and mobility as a customer-facing decarbonisation lever. The strategic convenience site network grew to 2,950 sites in 2024 (target 3,000), supported by full ownership of Thorntons (2021) and TravelCenters of America (acquired 2023). Castrol delivered 14% underlying earnings growth in 2024, its sixth consecutive quarter of year-on-year growth, and launched a new strategic partnership with Audi in Formula 1 while diversifying into battery-swapping ecosystems. Convenience margin grew strongly to 17% in 2024, well above the 10% 2025 target, though financial performance was impacted by challenging market conditions.
sustainability_report p.3
bp's removals strategy is anchored by CCUS — the $7bn Tangguh UCC project (FID Nov 2024) targets up to 15Mt CO2 sequestration in initial phase. bp also reached financial close on Northern Endurance Partnership CCS cluster and Net Zero Teesside Power. On nature-based solutions (NCS), bp supports REDD+ projects via the Kafue-Zambezi Community Forest Project in Zambia with BioCarbon Partners, and has supported the World Bank's Forest Carbon Partnership Facility since 2009. Carbon centre of excellence conducts due diligence on voluntary carbon project portfolio aligned with Integrity Council Core Carbon Principles.
sustainability_report p.37
bp deployed a global methane measurement approach across all major upstream oil and gas processing sites in 2024, using real-time flare efficiency monitoring, predictive emissions monitoring on gas turbines, aerial surveys, and drone-mounted sensors. This approach resulted in methane intensity of 0.07% (vs 0.20% near-zero target). Total methane emissions were reduced by approximately 39ktCO2e through pipeline infrastructure upgrades, electric-driven equipment and turbine control improvements. bpx energy achieved zero routine flaring ahead of its 2025 goal. bp retained OGMP 2.0 gold status. bp is a founding signatory of the Oil and Gas Decarbonization Charter targeting near-zero methane by 2030.
sustainability_report p.369
From 2024, bp changed from using industry-standard emission factors for incomplete combustion of hydrocarbons from fuel gas and flare to measurement-based approaches. This increased reported methane intensity from 0.05% (2023) to 0.07% (2024). Analysis shows overall methane emissions from upstream operational flaring were generally lower than previously reported using conventional methodologies.
sustainability_report p.244
bp acquired Lightsource bp (October 2024, full ownership), bp Bioenergy/bp Bunge Bioenergia (October 2024), and GETEC ENERGIE GmbH (August 2024). These acquisitions added 0.1MtCO2e to Scope 1 and 2 emissions and increased net debt by acquired debt. Net zero sales intensity figures include part-year accounting from these entities.
sustainability_report p.243
Logistics South Africa divested February 2024; Logistics Turkey divested October 2024. These divestments reduced Scope 1 and 2 emissions by 0.1MtCO2e.
sustainability_report p.264
bp updated the methodology for its net zero sales aim and restated the 2019 baseline: energy included under net zero sales for 2019 restated to 7.9EJ with associated lifecycle emissions of 671MtCO2e, giving a 2019 carbon intensity baseline of 84gCO2e/MJ. All other reporting years also updated accordingly.
sustainability_report p.355
bp uses unbundled Energy Attribute Certificates (Guarantees of Origin) to account for renewable electricity consumption at its facilities, principally in Germany sourcing from solar, wind, and hydropower across multiple European origin countries. Total renewable energy consumed reached 7.2 million MWh in 2024 (5.5% of total energy). On-site solar and self-generated renewable electricity contributed 200,000 MWh. For renewable power generation as a business, bp operates through the Lightsource bp platform (scaled to deliver 3-5GW annually, backed by ~50GW mature pipeline) and the newly formed JERA Nex bp joint venture, both operating on capital-light models. bp sold solar and onshore wind power to third-parties generating estimated avoided emissions of 0.47 tCO2e/MWh versus grid electricity.
sustainability_report p.284
bp retained gold status under the OGMP 2.0 reporting framework for 2024, covering both operated and non-operated activities. This recognizes implementation of source-level methane emissions measurement approach.
sustainability_report p.366
bp pursues its Net Zero Operations aim (Scope 1+2) through a portfolio of emissions reduction activities that delivered 420,000 tCO2e in implemented savings in 2024. Key projects included replacing imported coal-fired steam with gas-fired boilers at Gelsenkirchen refinery (19ktCO2e), bpx energy central distribution projects enabling decommissioning of gas-driven equipment (reducing flare volumes and switching to instrument air), and restoration of cooling water infrastructure at Cherry Point to improve compressor efficiency. Low-carbon energy projects (electrification, solar pumps) delivered 102ktCO2e and energy efficiency improvements delivered 262ktCO2e. bp conducts regular emissions and energy efficiency reviews across its operating portfolio.
sustainability_report p.263
bp is prioritising fewer, higher-value hydrogen and CCS projects as a primary route to decarbonising its refinery operations while building optionality to scale. In 2024, bp sanctioned the Tangguh UCC project in Indonesia (FID November 2024, $7bn) incorporating the country's first at-scale CCUS, targeting up to 15 million tonnes of CO2 sequestration in its initial phase. bp also sanctioned a 25MW green hydrogen project at Castellón (FID September 2024, with Iberdrola) to displace grey hydrogen, targeting ~23ktCO2e annual savings from 2026. A hydrogen project was also sanctioned at Lingen, Germany in 2024. bp focuses on projects in jurisdictions with adequate regulatory frameworks and access to the CCS value chain.
sustainability_report p.343
bp's net zero sales aim targets a reduction in the average lifecycle carbon intensity of sold energy products (currently 79gCO2e/MJ in 2024, a 6% reduction from the 2019 baseline of 84gCO2e/MJ). The strategy relies on shifting the sales portfolio toward lower-carbon products including: expanding EV charging (39,100 charge points, ~75% energy growth vs 2023); investing in biofuels/biogas (full ownership of bp bioenergy in Brazil accessing ~50kb/d); growing retail power volumes (GETEC ENERGIE acquisition); and selective investment in renewables. bp acknowledges decarbonisation of energy demand and supportive government policy are enablers for achieving this aim. The 2030 target was revised downward to 8-10% reduction (from 15-20%) as part of the February 2025 strategy reset.
sustainability_report p.355
bp engages ~300 Tier 1 suppliers (representing 10-20% of suppliers contributing 70-80% of upstream Scope 3 emissions) through the bp Supplier Sustainability Summit and emerging EcoVadis assessments. For non-operated joint ventures (NOJVs), bp's NOJV solutions team provides carbon roadmap templates, online training, and promotes adoption of OGMP 2.0 methane reporting, Oil & Gas Decarbonization Charter participation, and World Bank Zero Routine Flaring initiative. Several NOJVs and NOJV operators signed up to OGMP and set methane targets during 2024. bp also uses an internal carbon price (rising from $50/tCO2e in 2025 to $135/tCO2e in 2030 and $200/tCO2e in 2050) mandated for all investment cases above 20,000 tCO2e/yr to incentivise low-carbon engineering solutions across the value chain.
sustainability_report p.241
bp intends to neutralise residual emissions at the end of its net zero targets using permanent carbon removals and plans to purchase and cancel carbon credits for neutralisation. In the near term, bp retired over 510,000 tCO2e of project-based carbon credits in 2024 (via bp Carbon Connect) on behalf of customers, drawn from VCS and CDM projects including clean cookstoves, landfill gas, and wind. bp sanctioned the $7bn Tangguh UCC project (Indonesia, FID November 2024) which includes the country's first at-scale enhanced gas recovery through CCUS, aiming to sequester up to 15 million tonnes of CO2 in its initial phase. bp also sanctioned a 25MW green hydrogen project at Castellón, Spain (FID September 2024) with Iberdrola, expected to deliver ~23ktCO2e of annual emission savings by displacing grey hydrogen.
sustainability_report p.361
On 16 September 2024, bp announced plans to sell bp Wind Energy, its US onshore wind energy business with interests in 10 operating assets across 7 US states. Disposal expected to complete in Q4 2024 / early 2025. Assets of $569 million classified as held for sale at 31 December 2024 with liabilities of $41 million. Exit reduces bp's direct wind power portfolio.
sustainability_report p.65
bp defines 'blue hydrogen' as hydrogen made from natural gas in combination with carbon captured and stored (CCS). bp has interests in CCUS-related ventures including the Net Zero North Sea Storage project (45% interest, UK), the Tangguh UCC Compression project (FID announced November 2024 for $7 billion project with potential to unlock ~3 trillion cubic feet of additional gas resources in Indonesia), and the Angel Carbon Capture and Storage project in Australia (via NWS asset swap with Woodside/Chevron). bp's transition businesses include carbon capture, use and storage as a key activity area.
sustainability_report p.8
bp's net zero sales aim targets net zero for the carbon intensity of sold energy products (in gCO2e/MJ), with reductions measured relative to the baseline year of 2019. Sold energy products represent sales by a bp group subsidiary, joint operation or bp equity accounted entity. Any interim target or aim in respect of bp's net zero sales aim is defined in terms of reductions in the carbon intensity of the energy products bp sells.
sustainability_report p.55
bp holds renewable assets predominantly through incorporated joint ventures and special purpose entities (Project Companies). The renewables contractual and regulatory framework varies by country. bp invests in wind and solar assets (including offshore wind JVs in the UK and Japan, onshore solar in the US), renewable natural gas, and EV charging, targeting less than $800 million per year in low carbon energy to 2027. bp also received DOE and FAA grant awards for low carbon energy and decarbonisation projects.
sustainability_report p.32
bp recorded an impairment charge of $0.8 billion on the Gelsenkirchen refinery in 2024, primarily driven by changes in economic assumptions including reduced local marker margins reflecting energy transition demand impacts. Management is developing plans for existing refinery sites compatible with net zero emissions, including production of low carbon and sustainable fuels. Useful economic lives of refining assets were assessed against Paris-consistent demand scenarios.
sustainability_report p.120
bp completed the step acquisition of bp Bunge Bioenergia (formerly Bunge Bioenergia) on 1 October 2024, gaining full ownership. This bioenergy platform is expected to produce 2.4 million tonnes of LNG annually from the Greater Tortue Ahmeyim (GTA) project as well as providing sustainable fuels feedstock. In February 2025, bp announced intention to move its biogas business to the gas & low carbon energy segment.
sustainability_report p.101
2023· 42 events
In 2023 bp started applying its net positive impact biodiversity methodology on new in-scope projects, including the Northern Endurance Partnership Development in the UK and the Ubidari carbon capture project in Indonesia. The aim is that all new bp projects in scope from 2022 will have plans aiming to achieve NPI, with 90% of actions delivered within five years of project approval.
sustainability_report p.45
bp acquired TCA, a leading US travel centre operator with ~290 sites on major US highways. The acquisition (combined with Archaea Energy) added 0.4 MtCO2e to Scope 1 and 2 emissions in 2023. TCA safety reporting still being integrated at publication – two TCA fatalities are excluded from reported 2023 fatality data. The acquisition grew employee headcount from 67,600 to 87,800.
sustainability_report p.4
Previously reported Aim 3 figures for 2019-2022 have been restated to correct misstatements in sales data identified through business reviews and digital improvement projects. The restatement does not alter the previously disclosed average lifecycle carbon intensity of sold energy products (79 gCO2e/MJ 2019 baseline). Energy under Aim 3 for 2019 restated to 20.3 EJ and emissions to 1,597 MtCO2e.
sustainability_report p.22
2023 inorganic capex includes $1.1 billion in respect of the TravelCenters of America acquisition.
sustainability_report p.37
The 2022 Scope 2 GHG emissions figure has been updated to reflect the use of renewable energy in UK and offshore locations in 2022. This corrects the prior-year figure downward to better reflect market-based accounting. The effect is to reduce the 2022 Scope 2 value (now 1.4 MtCO2e vs. the previously reported figure).
sustainability_report p.20
bp completed the planned deployment of new methane measurement technology across all upstream oil and gas assets by end of 2023, including Flare.IQ software for flare efficiency, predictive emissions monitoring on gas turbines, drone and aircraft-mounted sensors, and additional/updated meters. Initial insights suggest upstream flaring efficiency may be better than previously understood and methane emissions from gas turbines may be lower than current methodology indicates. Future aim 4 targets to be re-evaluated based on new measurement data.
sustainability_report p.24
In 2023, Aim 3 methodology improvements included more granular assignment of environmental attributes to power products and increased consistency between financial and carbon reporting, resulting in the inclusion of additional sales volumes from equity-accounted entities (e.g. EDF Energy Services full-year accounting). These changes, along with the data restatement, affected the calculation of the average lifecycle carbon intensity of sold energy products.
sustainability_report p.22
bp signed the Oil & Gas Decarbonization Charter at COP28 in December 2023 as part of a group of more than 50 companies. The Charter includes aims to achieve net zero operations by or before 2050, zero routine flaring and near-zero methane emissions by 2030. bp also committed to donate $25 million to the Global Flaring and Methane Reduction trust fund (World Bank initiative).
sustainability_report p.25
bp received a CDP climate change questionnaire score of A- in 2023, an improvement from B in 2022. This reflects bp's progress on climate transparency and disclosures in line with its Aim 9 (transparency leader).
sustainability_report p.30
bp is a member of the Taskforce on Nature-related Financial Disclosures (TNFD) Forum. In 2023, bp reviewed the TNFD framework and provided feedback since the launch of the Kunming-Montreal Global Biodiversity Framework in December 2022. This work is informing bp's approach to future nature-related disclosure requirements and its management of nature-related risks and dependencies.
sustainability_report p.45
bp has set targets of equal women and men in top 120 roles by 2025, 40% women at group leader level by 2025, and 50% women at group leader level by 2030. In 2023, 34% of group leader roles were held by women. The UK 2025 target of 15% minority representation at senior/group leader level was exceeded (17% in 2023, up from 14%). US minority representation: 27% at group/senior leader level.
sustainability_report p.39
In 2023 bp identified and published new circularity focus areas: mapping resource inflows most significant to bp's circularity agenda, and improving the waste recycling and recovery rate from the 2022 baseline of 44%. Wind business targets include zero blades to landfill (where feasible), recycling 90% of permanent magnets and waste, and including secondary materials. Recovery rate improved to 51% in 2023.
sustainability_report p.49
In 2023, for the first time, bp recorded and reported 'life-changing injuries' against the IOGP industry-standard Permanent Impairment Injury definition, developed in collaboration with IOGP. This new reporting metric is designed to sharpen focus on eliminating the most serious injuries. This represents a scope expansion for injury reporting, though the RIF metric remains unchanged in methodology.
sustainability_report p.7
As part of February 2023 strategic update, bp increased planned oil and gas investment and slowed divestments. Aim 2 2025 target revised from 20% reduction to 10-15% reduction; 2030 aim revised from 35-40% to 20-30% reduction against 2019 baseline.
sustainability_report p.79
Completed implementation of methane measurement approach across operated upstream oil and gas assets, with software for flare efficiency, predictive emissions monitoring on gas turbines and additional/updated meters.
sustainability_report p.24
Identified new focus areas: map resource inflows, improve waste recycling/recovery rate from 2022 baseline of 44%; for wind business aim to send zero blades to landfill, recycle/recover 90% of permanent magnets, include secondary material.
sustainability_report p.49
Divestments including Toledo Refinery contributed to a 1.9MtCO2e reduction in Scope 1 and 2 emissions in 2023.
sustainability_report p.21
Aim 4: methane intensity 0.05% in 2023. Completed methane measurement deployment across upstream assets using Flare.IQ (Baker Hughes), drones, aircraft sensors. bpx energy achieved zero routine flaring ahead of 2025 goal. Signed OGDC charter at COP28 with $25m commitment to Global Flaring and Methane Reduction trust fund.
sustainability_report p.24
>29,000 EV charge points globally in 2023 (35% growth). $1bn US EV charging investment by 2030 with Hertz partnership; $100m Tesla ultra-fast charger purchase; Iberdrola JV in Spain/Portugal targeting 11,700 charge points by 2030 (€1bn investment). Mobility agreements with Uber for zero-tailpipe by 2030 (US/Canada/Europe).
sustainability_report p.26
Previously reported aim 3 figures for 2019-2022 restated to correct misstatements in sales data identified through business reviews and digital improvement projects. 2019 baseline energy restated to 20.3EJ and emissions to 1,597MtCO2e.
sustainability_report p.22
In 2023 bp reset its 2025 diverse supplier spend target from $1 billion to $650 million of US-related annual spend, citing divestments and other factors that affected progress.
sustainability_report p.40
For the first time bp recorded and reported life-changing injuries against the new IOGP industry-standard 'Permanent Impairment Injury' definition.
sustainability_report p.7
Aim 1 targets 50% reduction in Scope 1+2 by 2030 vs 2019; 41% achieved in 2023. Levers include energy efficiency, electrification of centralized facilities, reducing flaring/venting, methane management. Cherry Point and Whiting refineries signed low-carbon PPAs cutting Scope 2 by 255ktCO2e; Oman delivered 77ktCO2e SERs via flaring optimization; bpx energy's Bingo facility cut 149ktCO2e via centralization.
sustainability_report p.20
Biofuels production grew 18% YoY to 32kb/d (target ~50kb/d by 2025); biogas supply volumes grew 80% YoY to 22mboe/d (target ~40mboe/d by 2025). Archaea Energy starts up 15-20 new RNG plants/year through 2025 with ~80 project pipeline. Tripling biofuels production planned at Castellón refinery for SAF.
sustainability_report p.26
bp joined more than 50 companies signing the Oil & Gas Decarbonization Charter, including aims to achieve net zero operations by or before 2050, zero routine flaring and near-zero methane emissions by 2030. bp will donate $25m to the Global Flaring and Methane Reduction trust fund.
sustainability_report p.25
bp acquired TravelCenters of America, a US travel centre operator with around 290 sites on major highways. Increased Scope 1+2 emissions by part of 0.4MtCO2e along with Archaea. Brought 2 fatalities not yet in safety data.
sustainability_report p.4
bp Procurement published a Sustainable Purchasing Position in November 2023 setting out focus areas across decarbonization, social and environmental sustainability.
sustainability_report p.51
Started applying NPI biodiversity methodology on new in-scope bp projects including Northern Endurance Partnership Development (UK) and Ubidari carbon capture project (Indonesia).
sustainability_report p.45
bp pursues durable removals via CCUS (Net Zero Teesside Power, H2Teesside, Northern Endurance Partnership with potential 23Mt CO2/year storage by 2035 in Southern North Sea; Tangguh Enhanced Gas Recovery & CCS in Indonesia). Built portfolio of natural climate solutions including Kafue-Zambezi REDD+ project in Zambia and supports Integrity Council Core Carbon Principles. Voluntary carbon project due-diligence centre of excellence expanded in 2023.
sustainability_report p.48
Aim 2: reduce Scope 3 from upstream production carbon by 20-30% by 2030 (vs 2019 baseline 361MtCO2). 13% reduction achieved in 2023. Active high-grading of portfolio, divestment of non-core assets, ~25% reduction in oil & gas production by 2030 vs 2019. Exploration capex down from $4.6bn (2010) to $600m (2023).
sustainability_report p.21
Aim to produce 0.5-0.7Mtpa hydrogen net by 2030. HyVal green hydrogen cluster planned at Castellón refinery (Spain); H2Teesside in UK East Coast Cluster; $12.5m investment in Advanced Ionics Symbion electrolyzer tech. Initial focus on supplying own refineries then scaling to customer demand and export hubs.
sustainability_report p.27
In February 2023, bp announced an updated transition strategy that reduced its near-term renewable energy build-out targets. Referenced in the 2022-24 performance share assessment as a 'key strategic initiative' affecting the low carbon energy pillar. Renewables to FID target was revised downward. Progress against the original targets was subsequently below expectations, contributing to only 26.5% vesting of the strategic progress component of the 2022-24 EDIP.
sustainability_report p.2
Bernard Looney stepped down as CEO and from the board on 12 September 2023. Murray Auchincloss was appointed interim CEO on the same date and later confirmed as permanent CEO. Kate Thomson was appointed CFO in February 2024. The leadership change was accompanied by a strategic review culminating in the February 2023 transition strategy update and subsequent February 2025 strategy reset.
sustainability_report p.10
bp aims to develop 50GW renewable generating capacity to final investment decision by 2030, with 20GW interim target by 2025. As of end 2023, 6.2GW developed to FID and 58.3GW pipeline (up 21.1GW from 2022). Growth via Lightsource bp solar, offshore wind awards in Germany (4GW), South Korea JV with Deep Wind Offshore (up to 6GW). Signed PPAs to power Cherry Point and Whiting refineries with lower-carbon electricity.
sustainability_report p.34
bp is building a renewables and power portfolio targeting 20GW developed to FID by 2025 and 50GW by 2030; the pipeline reached 58.3GW at end of 2023 (up 21.1GW), including 4GW offshore wind after winning German tender rights and a 55% stake in Deep Wind Offshore's 6GW Korean pipeline. Installed renewables capacity grew from 2.2GW (2022) to 2.7GW net in 2023. For Scope 2 reduction, Cherry Point and Whiting refineries signed low carbon power purchase agreements that reduced Scope 2 by 255ktCO2e in 2023. Lightsource bp advanced solar construction (Arche Ohio, 187MW Peacock Texas with long-term PPAs). Renewables investments are also directed to support green hydrogen, e-fuels and EV charging businesses.
sustainability_report p.27
bp is growing its bp pulse EV charging network to more than 29,000 charge points globally (+35% in 2023), focusing on rapid and ultra-fast charging for on-the-go customers. In 2023, key partnerships include Tesla ($100M ultra-fast charger purchase agreement for US expansion), Uber (zero-tailpipe by 2030 US/Canada/Europe), Hertz ($1bn EV charging investment by 2030 in major US cities), and an Iberdrola JV in Spain/Portugal (target 11,700 charge points by 2030, up to €1bn investment). bp opened Europe's first public electric truck charging corridor in Germany (Rhine-Alpine route, 300kW ultra-fast chargers). The company targets 2,850 strategic convenience sites growing to ~3,500 by 2030 to integrate EV charging with its mobility network.
sustainability_report p.26
bp supports scaling of high-integrity Natural Climate Solutions (NCS) through a voluntary carbon market portfolio including a REDD+ project in Zambia (Kafue-Zambezi Community REDD+, benefiting 400,000 people) and a cookstove programme in Angola reaching 170,000 households. All voluntary carbon projects undergo risk-based due diligence via an internal Centre of Excellence in bp's low carbon trading business, aligned with ICVCM Core Carbon Principles. For durable removal at operations, bp is advancing the Tangguh Enhanced Gas Recovery and CCS scheme in Indonesia and, via the Northern Endurance Partnership, holds four storage licences in the Southern North Sea with potential capacity of 23 Mt CO2/year by 2035. bp distinguishes climate finance NCS credits from operational CCS, treating the latter as a direct emissions reduction lever under Aim 1.
sustainability_report p.48
bp is developing hydrogen and CCUS at industrial scale via integrated energy hubs. In Teesside, UK, Net Zero Teesside Power and H2Teesside were selected for government support negotiations; four Northern Endurance Partnership carbon storage licences could enable 23 Mt CO2/year storage by 2035. At Tangguh LNG in Indonesia, the Enhanced Gas Recovery and CCS scheme aims to reinject CO2 into the reservoir, while MoUs with Chubu Electric Power and GNA/GE Vernova explore further CCUS value chains. At the Castellón refinery, the HyVal green hydrogen cluster is planned, with phased electrolysis capacity for green hydrogen and tripled biofuel production. Blue and green hydrogen are targeted for bp's own refineries to displace grey hydrogen and reduce associated emissions.
sustainability_report p.31
bp is implementing energy efficiency measures, electrifying centralized facilities, reducing flaring and venting, and optimizing processes across its operated assets. In 2023, Oman operations contributed 77ktCO2e of sustainable emissions reductions (SERs) through flaring optimization and efficiency improvements; bpx energy expanded its network of centralization facilities (Bingo facility, August 2023) achieving 149ktCO2e of SERs; and Cherry Point/Whiting PPAs reduced Scope 2 by 255ktCO2e. Tangguh Train 3 added a steam heat recovery system. Total SERs from Aim 1 activities were 0.9 MtCO2e in 2023, target 50% operational emissions reduction by 2030 vs. 2019.
sustainability_report p.20
bp completed the full deployment of its methane measurement approach across upstream oil and gas assets by end of 2023, incorporating Flare.IQ (Baker Hughes, real-time flare tracking), predictive emissions monitoring on gas turbines, drone/aircraft-mounted sensors, and additional meters. Methane SERs totalled ~56ktCO2e in 2023 across multiple projects (e.g. nitrogen purge gas in North Sea and Trinidad). Methane intensity held at 0.05% under existing methodology; a new baseline and target (0.20% under new methodology) are being developed. bp retained OGMP 2.0 Gold Status and signed the COP28 Oil & Gas Decarbonization Charter committing to near-zero methane by 2030.
sustainability_report p.24
bp is growing its bioenergy businesses as a key transition growth engine and Aim 3 lever. Biofuels production grew 18% YoY to 32kb/d in 2023 (target 50kb/d by 2025); biogas supply volumes grew 80% YoY to 15mboe/d (target 40mboe/d by 2025), reflecting the full contribution of Archaea Energy (acquired 2022). Archaea's modular RNG plant in Medora, Indiana represents an industry first that could accelerate build times; Archaea has a pipeline of ~80 projects expecting 15-20 new plant start-ups per year through 2025. bp's refinery manufacturing processes are positioned to adapt to bioenergy production including sustainable aviation fuel.
sustainability_report p.26
bp aims for ~25% reduction in upstream oil and gas production by 2030 vs. 2019 through portfolio high-grading, base-decline of existing fields, and strategic divestments. In 2023, divestments reduced Scope 1+2 emissions by 1.9 MtCO2e (including Toledo Refinery). Exploration capex has been reduced from a peak of $4.6bn in 2010 to ~$600m in 2023. The portfolio is designed to prioritize operationally and economically resilient assets. Investment cases are assessed for consistency with Paris goals via the Resource Commitment Meeting for capex >$250m.
sustainability_report p.21
2022· 40 events
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.
sustainability_report p.120
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.
sustainability_report p.34
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.
sustainability_report p.34
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.
sustainability_report p.98
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.
sustainability_report p.56
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.
sustainability_report p.1
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.
sustainability_report p.113
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.
sustainability_report p.149
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.
sustainability_report p.56
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.
sustainability_report p.172
Following military action in Ukraine, bp board announced intention to exit Rosneft. Divestments contributed 16.0MtCO2e to aim 1 reductions including Angola transition to Azule JV.
sustainability_report p.23
Compared to 2019, bp now targets 10-15% reduction by 2025 (previously 20%) and 20-30% by 2030 (previously 35-40%) for upstream oil and gas production emissions. Oil and gas production aim now ~25% lower by 2030 vs 2019.
sustainability_report p.4
Aim 3 metric changed from marketed energy products to sold energy products including physically traded. 2019 baseline emissions recalculated from 993MtCO2e to 1,638MtCO2e, energy from 12.6EJ to 20.9EJ.
sustainability_report p.26
Completed purchase of EDF Energy Services, expanding US commercial and industrial retail energy business.
sustainability_report p.29
Net positive impact methodology introduced for new bp projects, aiming for 90% of actions delivered within five years of project approval.
sustainability_report p.47
bp aims to develop 50GW renewable generating capacity to FID by 2030, with 5.8GW achieved end-2022 and 37.2GW in pipeline. Key projects include Morven (2.9GW offshore wind off Scotland with EnBW), Morgan and Mona Irish Sea projects, US Empire Wind 1 and 2 with Equinor, Beacon Wind, and 40.5% stake in Australian Renewable Energy Hub (potential 1.6Mt green hydrogen). Lightsource bp contributes solar pipeline. Aberdeen designated as offshore wind centre of excellence.
sustainability_report p.38
Methane intensity reduced from 0.14% (2019) to 0.05% (2022). Deploying enhanced metering, predictive emissions monitoring on gas turbines, SeekOps drone-based sensors in UK North Sea/Oman/AGT region, Kairos Aerospace LeakSurveyor for bpx. Target 0.20% intensity by 2025 under new measurement, then 50% reduction. OGMP 2.0 gold standard retained.
sustainability_report p.27
Biofuels production 27kb/d (2022), aiming for 100,000 b/d by 2030. SAF agreement with DHL Express through 2026 (one of largest publicly announced). Targeting 20% global SAF supply share by 2030. Refineries in Germany and Spain producing SAF. Archaea Energy acquisition adds 6,000boed RNG with pipeline to 5x by 2030.
sustainability_report p.25
Aim 3 now targets net zero carbon intensity of sold energy products by 2050 (previously 50% reduction). 2030 aim 15-20% reduction (previously >15%). Expanded scope to include physically traded energy products.
sustainability_report p.18
bp's ~$3 billion deal to acquire Archaea Energy, a leading US producer of renewable natural gas, with 50 RNG facilities and pipeline of 80+ projects.
sustainability_report p.28
Aim 3 now covers physically traded energy products in addition to marketed sales, increasing baseline emissions significantly.
sustainability_report p.25
Deloitte provided limited assurance per ISAE 3000 on safety and environmental KPIs including Scope 1, 2, methane intensity, carbon intensity.
sustainability_report p.61
Grew EV charging network to ~22,000 points (from 13,100 in 2021), aiming for 100,000+ by 2030 with energy sales 100x growth from 2021-2030. Partnerships with Hertz (US), £1bn UK investment, €1bn Iberdrola JV (Spain/Portugal), AVATR (China), Addison Lee (UK). First fast charging for medium/heavy electric trucks at Schwegenheim. Hub-and-fleet focus.
sustainability_report p.29
bp finalized internal circularity framework adopting Ellen MacArthur Foundation definition with three principles: eliminate waste, circulate products, regenerate nature. New waste metrics across 29 waste streams.
sustainability_report p.50
Targeting ~25% reduction in oil and gas production by 2030 vs 2019 (excluding Rosneft). E&P capex declined from $4.6bn peak (2010) to ~$500m in 2022. High-grading portfolio focusing on most resilient assets. Aim 2 Scope 3 from upstream production targeting 20-30% absolute reduction by 2030.
sustainability_report p.23
Aim to deliver 0.5-0.7Mtpa hydrogen by 2030, primarily green via electrolysis with renewable power. H2Teesside aims for 1GW blue hydrogen by 2030 with CCS. HyGreen Teesside targeting 80MWe phase 1 by 2025. AREH could produce 1.6Mt green H2 or 9Mt green ammonia annually. Memorandum with thyssenkrupp Steel for green H2 supply, Linde Texas CCUS for low carbon H2 production.
sustainability_report p.25
bp acquired Archaea Energy (leading US renewable natural gas producer) through a deal announced in 2022. In 2023 Archaea started its first modular RNG plant in Medora, Indiana and grew biogas supply volumes by 80% YoY to 15mboe/d. The acquisition supported bp's bioenergy transition growth engine but also contributed to the combined 0.4 MtCO2e Scope 1+2 uplift in 2023 alongside TCA.
sustainability_report p.26
Location-based Scope 2 base year emissions for 2020 were recalculated because of an error in 2020 reporting year due to double counting of Scope 1 and 2 emissions between Whiting Refinery and Whiting Clean Energy. Revised 2020 location-based Scope 2 = 3.2 MtCO2e.
sustainability_report p.80
In February 2022, bp announced an acceleration of its 2030 aim for Scope 1+2 emissions (Aim 1) from 30-35% reduction to 50% reduction against the 2019 baseline of 54.4 MtCO2e, citing strategic progress and growing confidence in energy transition business opportunities. The 2025 target of 20% was already exceeded in 2021 at 35% reduction. This tightens the 2030 commitment by approximately 15-20 percentage points.
sustainability_report p.47
Sustainable Emissions Reductions (SERs) of 4.1MtCO2e since 2019 baseline. bpx energy Permian methane intensity reduced from >4% to <1%, flaring intensity from 16% to <0.5% via Grand Slam centralised facility connecting 70+ legacy wells to electric infrastructure. Total hydrocarbons flared decreased from 967kt to 654kt. Lower carbon power agreements at Cherry Point, Gelsenkirchen, Rotterdam refineries cut Scope 2 by 662ktCO2e.
sustainability_report p.22
In 2022 bp introduced for the 2023-2025 executive director incentive plan (EDIP) a net zero measure weighted at 15%, aligned to Aim 1 (net zero S1+S2 by 2050).
sustainability_report p.11
bp's Angola business transitioned to the Azule Energy incorporated joint venture on 2 August 2022 and these assets are no longer operated by bp. Divestments (including legacy bpx and Angola) accounted for 1.2 MtCO2e of Scope 1+2 decrease in 2022.
sustainability_report p.125
In 2022 bp expanded Aim 3 to include physically traded energy products as well as marketed sales, and made methodology improvements for power, updated carbon intensity factors. Energy baseline increased from 12.6 EJ to 20.9 EJ; emissions from 993 to 1,638 MtCO2e. 2019 carbon intensity remained 79 gCO2e/MJ. Historical data recalculated.
sustainability_report p.98
In February 2022, bp announced acceleration of its 2030 Aim 1 (Scope 1+2) target from 30-35% reduction to 50% reduction vs 2019 baseline of 54.4 MtCO2e. Also expanded Aim 3 scope to include physical trades of energy products alongside marketing sales.
sustainability_report p.47
In February 2022 bp accelerated its 2030 Aim 1 target (S1+S2 operational emissions) from a 30-35% reduction to a 50% reduction against 2019 baseline. 2025 target remains 20%. bp had already exceeded the 2025 target by end of 2022 (-41% vs 2019).
sustainability_report p.56
Due to methodology changes including expanded scope (physically traded products) and updated emission factors, the 2019 baseline energy increased from 12.6 EJ to 20.9 EJ and emissions from 993 MtCO2e to 1,638 MtCO2e. The carbon intensity (79 gCO2e/MJ) was unchanged.
sustainability_report p.98
bp now aims for 50% reduction in operational Scope 1+2 emissions by 2030 (formerly 30-35%).
sustainability_report p.18
2025 target updated from $3-4bn (low carbon investment) to $6-8bn transition growth investment; 2030 aim from ~$5bn to $7-9bn.
sustainability_report p.28
Acquired Archaea Energy, leading US producer of renewable natural gas (RNG). Continued growing in 2023 with 80% biogas supply volume growth.
sustainability_report p.26
bp champions nature-based solutions and high-integrity natural climate solutions via a carbon credit centre of excellence in trading. Originating verified credits via Mexico improved forest management programme (15+14 projects issuing credits). Progressing Net Zero Teesside, Northern Endurance Partnership and H2Teesside (1GW blue H2 by 2030) — East Coast Cluster targets removal of ~50% of UK industrial cluster CO2. Tangguh Enhanced Gas Recovery and CCS in Indonesia for blue hydrogen.
sustainability_report p.49
2021· 54 events
bp developed an NPI methodology for biodiversity in collaboration with Fauna & Flora International. From 2022 all new bp projects in scope will have plans aiming to achieve net positive impact, with 90% of actions within 5 years of project approval.
sustainability_report p.45
bp aims to grow bioenergy production from 26,000 b/d in 2021 to more than 100,000 b/d by 2030 through biofuels at refineries (bio co-processing at three sites, HVO, conversion of up to two refineries to bio-refineries), biogas (targeting 20-fold equity production scale-up to >10,000 b/d via co-marketing with Clean Energy Fuels in the US, plus 29% stake in Gasrec UK), and Sustainable Aviation Fuel (targeting 20% market share by 2030, progressing Qantas partnership). bp aims for ~$2B EBITDA from bioenergy by 2030 (half biofuels, half biogas/trading). This supports Aim 3 (lifecycle carbon intensity reduction of sold products, currently 79 gCO2e/MJ in 2021) and is one of bp's five transition growth engines.
sustainability_report p.30
bp sources renewable electricity for its operations through multiple instruments including Guarantees of Origin (GoOs) purchased for the Gelsenkirchen refinery in Germany (551,000 MWh from Danish/Nordic renewables), REGOs/green tariffs in the UK (38,000 MWh), US RECs for solar (39,000 MWh), a small hydropower GO in Germany (2,000 MWh), and a direct PPA for solar in Spain (600 MWh). In 2021, 650,000 MWh of purchased electricity came from renewable sources out of 5,280,000 MWh total purchased electricity. Gelsenkirchen's shift to lower carbon power agreements delivered 520 ktCO2e of Scope 2 reductions, the single largest SER contributor in 2021.
sustainability_report p.109
Divestments in 2020-2021 including Alaska business (divested June 2020), global aromatics and acetyls business (divested December 2020), and legacy bpx energy assets (various dates 2020-2021). Accounted for 9.3 MtCO2e of 2021 Scope 1+2 decrease and 14.7 MtCO2e of total reduction since 2019 baseline.
sustainability_report p.79
Third-party limited assurance under ISAE3000 is in place for 100% of reported Scope 1, Scope 2 (both location- and market-based), and Scope 3 Category 11 emissions. Assurance statement on pg. 57 of bp Sustainability Report 2021.
sustainability_report p.124
In 2021 bp trialled sustainability factors in major purchasing decisions, focusing on supplier GHG emissions, renewable energy use and circular product design. A contractual mechanism financially incentivised an offshore rig supplier to reduce fuel consumption, delivering 659 tCO2e of reductions. bp created a roadmap of high-priority goods and services categories for GHG improvement and established a sustainable supply chain ambassador network. In 2022 bp plans to incorporate the fuel reduction incentive mechanism into another long-term offshore rig contract.
sustainability_report p.138
Changes in scope boundary, methodology (including emission factors) and continuous improvement of previous years data contributed a 100,000 tCO2e increase in 2021 reported Scope 1+2 emissions. Net direction: increase.
sustainability_report p.102
bp believes CCUS can play a vital role in limiting emissions and helping achieve net zero aims. The company is playing a lead role in Net Zero Teesside (NZT) and Northern Endurance Partnership (NEP) in the UK — aiming to deliver the UK's first gas-fired power station with CCUS and decarbonize Teesside's industrial cluster. bp also plans to use CCUS with natural gas to produce blue hydrogen and with biomass for renewable hydrogen. Historical CCS: the In Salah Gas JV injected 3.9 million tonnes CO2 (2004–2011). Nature-based solutions and carbon credits (from REDD+, CDM projects etc.) are recognised as qualifying deductions to achieve net zero for value chains, with bp retiring over 2.1 million tonnes of carbon credits in 2021 via bp Target Neutral.
sustainability_report p.123
bp's Aim 3 targets net-zero lifecycle carbon intensity of marketed energy products by 2050, with a 5% reduction target by 2025 and 15-20% by 2030 (expanded in February 2022 to include physical trades alongside marketing sales). In 2021 the average carbon intensity remained flat at 79 gCO2e/MJ vs. 2019, reflecting reduced gas and power sales share offset by increased refined products post-COVID. The pathway to reduction is driven by investment in EV charging, bioenergy, renewables and hydrogen, plus evolving trading mix. Low carbon investment increased from ~$750m in 2020 to nearly $2.2bn in 2021.
sustainability_report p.53
All investment cases with anticipated annual GHG emissions above 20,000 tCO2e (bp net basis) must include an associated carbon price in investment economics. The shadow carbon price used is currently ~$50/tCO2e rising to $100/tCO2e in 2030, $200/tCO2e in 2040 and $250/tCO2e in 2050 (2020$ real). All material capex investments (>$250m) are evaluated for consistency with Paris goals. In 2021, three new material capex investments were approved and all were evaluated as Paris-consistent (two offshore wind projects and the Mento gas development in Trinidad & Tobago).
sustainability_report p.137
Aim 3 (lifecycle emissions intensity of energy products sold) revised from 50% reduction to net zero by 2050 or sooner. Scope expanded to include physically traded sales of energy products.
sustainability_report p.3
bp announced expectation that more than 40% of capital expenditure will be in transition growth businesses by 2025, and around 50% by 2030.
sustainability_report p.6
Aim 17: become water positive by 2035 - replenish more freshwater than consumed in operations.
sustainability_report p.46
bp resumed submission to the CDP climate questionnaire in 2021 and received an A- score.
sustainability_report p.33
In February 2022, bp announced it now aims to cut operational emissions by 50% by 2030 (up from 30-35%) against 2019 baseline, on the way to net zero by 2050 or sooner.
sustainability_report p.3
Divestments including Alaska operations, petrochemicals business and bpx energy divestments accounted for 9.3MtCO2e of Scope 1 and Scope 2 emissions decrease vs 2020.
sustainability_report p.24
Aim 4: install methane measurement at all existing major oil and gas processing sites by 2023, then drive 50% reduction in methane intensity against new baseline.
sustainability_report p.21
bp championing nature-based and natural climate solutions (NCS). Only originates/trades NCS credits certified to third-party standards (Verra, American Carbon Registry). Finite Carbon (majority stake) launched forest carbon offset programme in Canada. NCS programme in Mexico with USAID/Pronatura delivered first credits. Also developing CCUS via Net Zero Teesside and Northern Endurance Partnership - confirmed as one of UK's two initial CCS projects. H2Teesside planned 1GW blue hydrogen with CCS by 2030. Does not plan to rely on offsetting to meet 2030 net zero aims.
sustainability_report p.47
Oil and gas production expected to be ~40% lower by 2030 vs 2019 baseline (from 2.6mboe/d to 1.5mboe/d), via portfolio management including divestments. Scope 3 emissions from upstream production reduced 16% from 361 MtCO2 (2019) to 304 MtCO2 (2021). Aim for 35-40% reduction by 2030.
sustainability_report p.25
Targeting partnerships with 10-15 cities globally by 2030. Existing partnerships in Houston, Aberdeen, Valencia. Corporate decarbonization MoUs with CEMEX (cement), Maersk Mc-Kinney Møller Center (shipping), NYK Line, ADNOC/Masdar (UAE-UK air corridor), Qantas (SAF), Microsoft (data centres), Infosys, Schneider Electric.
sustainability_report p.34
The scope of aim 3 expanded to include physically traded sales of energy products as well as marketing sales, increasing the volume of emissions covered.
sustainability_report p.26
Following military action in Ukraine, the bp board announced bp intends to exit its 19.75% shareholding in Rosneft Oil Company.
sustainability_report p.24
Aim 14: increase annual expenditure with diverse suppliers to $1 billion by 2025. Current US spend ~$200m in 2021, $1.3bn cumulative since 2018.
sustainability_report p.40
Methane intensity dropped from 0.14% (2019) to 0.07% (2021). Installing enhanced metering, flare efficiency software, predictive emissions monitoring on gas turbines by 2023. bpx Permian flaring intensity reduced from >16% to <1%. Joined OGMP 2.0 (gold status). Working towards zero routine flaring in US onshore by 2025. Targeting 50% reduction in methane intensity on new measurement baseline.
sustainability_report p.27
Reduce lifecycle carbon intensity of energy products sold to net zero by 2050. Current intensity flat at 79gCO2e/MJ (2019-2021). Targeting 15-20% reduction by 2030. Now includes physically traded energy products. Levers include growing low carbon sales (gas, power, bioproducts), sustainable aviation fuel partnership with Qantas, EV charging network expansion.
sustainability_report p.26
Five transition growth engines: bioenergy, convenience, EV charging, renewables, hydrogen. EV charge points growing from 13,100 to target 100,000+ by 2030. Hydrogen projects: H2Teesside (1GW blue hydrogen by 2030), HyGreen Teesside (500MW electrolytic by 2030, 60MWe by 2025). Acquired AMPLY Power for fleet EV charging. Low carbon capex aimed to reach $3-4bn/year by 2025 and $5bn+/year by 2030.
sustainability_report p.28
On 27 February 2022, following Russia's military action in Ukraine, bp announced it will exit its 19.75% shareholding in Rosneft Oil Company. bp's two nominated directors stepped down from Rosneft's board. As a result, bp determined it no longer has significant influence and will cease equity accounting for Rosneft. The carrying value of bp's investment in Rosneft stood at approximately $14 billion at 31 December 2021. This will result in material non-cash charges in Q1 2022 and bp will cease reporting Rosneft as a separate segment.
sustainability_report p.253
In February 2022, bp announced changes to its net zero aims. Aim 1 (net zero operations Scope 1&2) 2030 target was accelerated from 30-35% to 50% cumulative reduction vs 2019 baseline. Aim 3 (net zero sales) now includes physically traded energy products in addition to marketing sales. Aim 2 (net zero production) 2030 target moved to 35-40%. These changes reflect growing confidence in bp's energy transition strategy.
sustainability_report p.53
bp agreed to sell its 20% participating interest in Block 61 in Oman to PTT Exploration and Production for $2.4 billion. Royal Decree approved on 28 March 2021. This reduced bp's total reported hydrocarbon production and Scope 1 emissions.
sustainability_report p.44
bp changed its accounting policy from 1 January 2021 to present revenues and purchases relating to physically settled derivative contracts on a net basis within other operating revenues, rather than gross. This significantly reduced reported revenues and purchases. 2020 and 2019 comparatives have been restated: 2020 revenues restated down by $74.4bn and 2019 by $119.1bn.
sustainability_report p.195
Deloitte provided independent limited assurance in accordance with ISAE 3000 (Revised) on selected sustainability information (subject matter) for the financial year ended 31 December 2021. This is bp's first year reporting against TCFD on a 'comply or explain' basis under FCA Listing Rule 9.8.6(8).
sustainability_report p.55
bp changed its reportable segments from 1 January 2021 from Upstream, Downstream and Rosneft to: Gas & Low Carbon Energy, Oil Production & Operations, Customers & Products, and Rosneft. Comparative 2020 information has been restated. This is a new segmental structure to reflect bp's strategic transformation.
sustainability_report p.5
bp retired its previous GHG KPI which was reported on an equity share basis, and now reports Scope 1 and Scope 2 on an operational control basis as the primary KPI (Aim 1). The equity share basis is still reported separately. This aligns with aim 1 (net zero operations) and changes which assets are included in the primary emissions metric.
sustainability_report p.26
bp is accelerating EV charging ambition with 13,100 charge points by end 2021 (target >100,000 by 2030), including acquisition of AMPLY Power for US fleet charging. bp received CORSIA accreditation for sustainable aviation fuel (SAF) at its Castellón refinery (first in the world). bp aims to hold a 20% SAF marketing share by 2030 and formed a strategic partnership with Qantas. For convenience & mobility, bp grew margin share from 25% to 29.1% (2019-2021), demonstrating integration of low-carbon offers with fuels retail. bp-xiaoju in China provides carbon neutral EV charging, offsetting lifecycle emissions from power purchased by customers.
sustainability_report p.60
bp's Aim 17 targets becoming water positive by 2035 – replenishing more fresh water than it consumes in operations. Objectives include improved efficiency of operational freshwater use and effluent management, and collaboration on replenishment in stressed/scarce catchments. In 2023 a 15% reduction in freshwater consumption and 29% reduction in withdrawals were achieved vs. the 2020 baseline (55.9M m3/yr consumption).
sustainability_report p.46
bp builds utility-scale renewable capacity through two offshore wind joint ventures: with Equinor (Empire Wind and Beacon, up to 4.4GW off US east coast) and with EnBW (Morgan and Mona, up to 3GW UK, from the first UK offshore wind leasing round in a decade). Solar is pursued through Lightsource bp (pipeline grew from 1.6GW to 20.6GW since bp's 2017 investment, now targeting 25GW by 2025) and bp's own 9GW US pipeline from 7X Energy acquisition. For Scope 2 decarbonisation, bp uses Guarantees of Origin (551,000 MWh from Denmark/EU for Germany), REGOs (38,000 MWh UK), US RECs (39,000 MWh solar), a Spanish solar PPA (600 MWh), and 520,000 MWh on-site non-fuel renewable generation. Total renewable energy consumed was 1,170,000 MWh in 2021 (0.9% of total energy; 12.3% of purchased electricity). Target: levered returns of 8-10% for renewable power; $2-3B EBITDA from low-carbon energy by 2030.
sustainability_report p.27
bp aims to build one of the world's largest EV charging networks, growing from ~13,100 charge points in 2021 to more than 100,000 by 2030, focused on 'on-the-go' fast charging (nearly half of existing network is fast/ultra-fast) and fleet management via AMPLY Power (acquired 2021, US fleet EV charging and energy management). In Europe, bp partnered with Mercedes-Benz and BMW through investment in Digital Charging Solutions. EV charging is targeted to deliver more than one-third of EBITDA growth from the convenience and mobility segment, with a 100-fold increase in energy sold across charging networks from 2019 to 2030. Overall, bp targets $9-10B EBITDA from convenience and mobility by 2030 vs $4.9B in 2019.
sustainability_report p.64
During preparation of the 2021 CDP submission, bp identified a significant error in its 2020 Scope 2 location-based reporting caused by double-counting of Scope 1 and 2 emissions between Whiting Refinery and Whiting Clean Energy. The 2020 location-based Scope 2 figure was recalculated. The corrected 2020 figure is 3,200,000 tCO2e. The market-based Scope 2 2020 figure (3,800,000 tCO2e) was not affected. The 2019 target base years for Abs 1 and Abs 2 targets remain unchanged.
sustainability_report p.80
Aim 3 targets net zero carbon intensity of the energy products bp sells by 2050 or sooner, measured as lifecycle GHG emissions in gCO2e/MJ. The 2021 average emissions intensity of marketed energy products remained flat at 79 gCO2e/MJ vs 2019 baseline. For 2030, bp now aims for a 15-20% reduction in lifecycle carbon intensity (updated to include physically traded products). bp's LNG portfolio delivered its first carbon offset LNG cargo to CPC Corporation in Taiwan. bp is also developing biogas, biofuels (including increasing biofuels production three-fold at refineries), and scaling its role in natural gas as a transition fuel.
sustainability_report p.52
bp is actively managing down its upstream oil and gas production portfolio, targeting ~40% reduction from 2019 levels by 2030 through active portfolio management and high-grading. This strategy reduces the carbon intensity of the portfolio and focuses on lower-cost, lower-carbon barrels. bp completed 7 major project start-ups in 2021 delivering 900mboe/d of new production and divested high-emission assets including the Alaska business (2020) and a 20% stake in Oman Block 61 (2021). The strategy reduces both Scope 1 operated emissions and Scope 3 Category 11 (use of sold products) emissions from upstream production.
sustainability_report p.17
bp is developing CCS capacity through multiple projects including: H2Teesside (blue hydrogen with CCS targeting 1GW by 2030, capturing up to 2MtCO2/year); the East Coast Cluster selected as one of the UK's first two CCS projects; and a 0.7mtpa CCS project hopper with potential to grow to 1.3mtpa. The company is developing blue and green hydrogen hubs in the UK, Germany, Oman and Scotland, integrating CCS with hydrogen production. bp's natural climate solutions portfolio can provide credits to offset carbon emissions associated with certain customer products. bp is not primarily relying on removals but rather absolute operational reductions under Aim 1 and Aim 2.
sustainability_report p.44
bp delivered 1.6 MtCO2e of sustainable emissions reductions (SERs) in 2021, including reductions from lower carbon power agreements at Gelsenkirchen, waste heat recovery modifications in AGT, and green completions/well-testing without flaring in Oman. Since 2016, bp has delivered 6.5 MtCO2e of cumulative SERs. Methane intensity improved to 0.07% in 2021 (from 0.12% in 2020), a 95% reduction from flaring intensity in bpx energy US operations. Aim 4 targets installation of methane measurement at all major oil and gas processing sites by 2023 and 50% reduction in methane intensity by 2030. Combined Scope 1&2 emissions fell 35% against the 2019 baseline by 2021.
sustainability_report p.54
bp has developed 4.4GW of renewables to final investment decision (FID) by end of 2021, with a 23.1GW pipeline (bp net). The company aims to grow developed renewables to FID to 20GW by 2025 and 50GW by 2030. bp is building a leadership position in offshore wind (US, UK/Ireland), with secured offshore wind pipeline of 5.2GW by January 2022. Solar growth is accelerated through Lightsource bp (50% stake) targeting 25GW by 2025, including acquisition of 9GW US solar development pipeline from 7X Energy. In Australia, Lightsource bp's West Wyalong farm will supply 88 bp retail sites with 100% renewables under a PPA with Snowy Hydro from 2023.
sustainability_report p.43
35% cumulative reduction in Scope 1+2 emissions vs 2019 baseline by 2021 (already exceeded 2025 target of 20%). Delivered via divestments (14.7MtCO2e), sustainable emission reductions (2.6MtCO2e cumulative), and operational changes. Examples: Gelsenkirchen Scope 2 reduced 520ktCO2e via lower carbon power agreements; AGT region delivered 118ktCO2e reductions including waste heat recovery; Oman 65ktCO2e via green completions.
sustainability_report p.24
bp aims to develop 50GW renewable generating capacity by 2030, with interim target of 20GW by 2025. As of end 2021, 4.4GW brought to FID and 23GW in the pipeline. Lightsource bp targeting 25GW solar by 2025. Offshore wind partnerships include 50-50 JV with Equinor (US East Coast - Empire Wind, Beacon Wind, 4.4GW), and EnBW (UK Morgan, Mona ~3GW; Morven ~2.9GW from ScotWind). Quadrupled renewables development pipeline in 2021.
sustainability_report p.28
bp has been systematically divesting high-carbon assets as part of its transition from IOC to IEC. Between 2019 and 2021, divestments accounted for 14.7 MtCO2e of the total ~19 MtCO2e Scope 1+2 reduction from the 2019 baseline, including the Alaska business, petrochemicals, and legacy bpx energy assets. Net upstream production is expected to fall ~40% by 2030 from 2.6 mboed in 2019 to 1.5 mboed, reducing Scope 3 Cat 11 emissions. Refinery throughput is also targeted to fall from 1.7 mmb/d in 2019 to ~1.2 mmb/d by 2030. Exploration access capex has declined from $4.6bn in 2010 to ~$250m in 2021.
sustainability_report p.51
bp's Aim 1 targets net zero across Scope 1 and 2 by 2050, with a 20% 2025 target already achieved (35.6 MtCO2e in 2021 vs. 54.4 MtCO2e in 2019 baseline, a 35% reduction). Sustainable Emissions Reductions (SERs) delivered 1.6 Mt in 2021 from 120 projects including waste heat recovery in AGT region (118 ktCO2e), green completions and no-flare well-testing in Oman (93 ktCO2e), and process optimisation in the North Sea. Flaring has halved since 2017 (1,987 kt to 967 kt). Methane intensity fell to 0.07% in 2021 from 0.14% in 2019.
sustainability_report p.48
bp has made public biodiversity commitments including: Commitment to Net Positive Gain; Commitment to No Net Loss; adoption of the mitigation hierarchy approach; commitment to not explore or develop in legally designated protected areas; commitment to respect legally designated protected areas; and commitment to avoidance of negative impacts on threatened and protected species. bp endorsed the UK Business and Biodiversity Forum, WBCSD, and Business for Nature call to action. Is developing methodology for Net Positive Impact (NPI) on biodiversity in new projects.
sustainability_report p.233
bp's Aim 1 targets net zero Scope 1+2 by 2050, with an accelerated 2030 aim of 50% reduction vs 2019 (54.4 MtCO2e). In 2021 bp delivered 1.6 MtCO2e of Sustainable Emissions Reductions (SERs) against a 1.0 Mt target across 120 projects, including lower-carbon power agreements at Gelsenkirchen refinery (520 ktCO2e Scope 2), waste heat recovery in Azerbaijan-Georgia-Turkey (118 ktCO2e), and green completions/well-testing without flaring in Oman (93 ktCO2e). SERs are linked to annual bonuses for ~22,000 eligible employees (15% of bonus scorecard). A $100 million Upstream Carbon Fund (expanded to cover refining, petrochemicals and shipping in 2020) funds emission-reduction projects. Internal carbon price ($50/tCO2e rising to $100 by 2030) is applied to all investment cases >20,000 tCO2e.
sustainability_report p.10
bp was awarded Gold Status by the United Nations Environment Programme under the Oil and Gas Methane Partnership (OGMP) 2.0 framework, the premier global voluntary methane initiative for the oil and gas sector, in recognition of bp's plans to measure and reduce methane emissions. bp was a key contributor to developing OGMP 2.0 in 2020. Implementation includes LDAR using FLIR cameras, drone/aircraft monitoring, satellite detection, FlareIQ real-time flare analytics, and enhanced metering at major processing sites.
sustainability_report p.71
bp's Aim 4 targets installation of methane measurement at all major oil and gas processing sites by 2023, data publication, and then a 50% reduction in methane intensity (target: 0.20% on measured basis by 2025). In 2021, upstream methane emissions fell 40% to 43.0 kt (from 71.6 kt in 2020; 111 kt in 2016) and methane intensity improved to 0.07%. Flaring-related emissions are being managed through advanced CFD analysis, FlareIQ real-time analytics, drone/satellite LDAR, and a commitment to zero routine flaring in US onshore operations by 2025. Total hydrocarbons flared fell from 1,987 kt in 2017 to 967 kt in 2021. bp was awarded OGMP 2.0 Gold Status by UNEP.
sustainability_report p.76
bp intends to use CCUS and land carbon projects as 'qualifying deductions' toward its net zero aims while prioritising direct emissions abatement. UK-scale CCS is being developed through Net Zero Teesside (NZT — UK's first gas power station with CCS) and the Northern Endurance Partnership (NEP — six-company consortium for North Sea CO2 infrastructure with Eni, Equinor, National Grid, Shell, Total), targeting ~50% of UK industrial cluster emissions. Near-term, bp retired >2.1 million tCO2e of voluntary credits in 2021 (up from 1.8 million in 2020) through its bp Target Neutral carbon management service, using VCS/CDM/Gold Standard credits including Peru REDD+ (440k tCO2e), Chilean wind (963k tCO2e), and efficiency/household projects. bp distinguishes 'qualifying deductions' (CCUS, land carbon) from near-term offsets but uses offsets to serve customer net-zero programmes. Historical CCS: In Salah, Algeria (2004-2011) stored 3.9 million tCO2e cumulatively.
sustainability_report p.123
bp's Aim 2 (net zero upstream oil and gas production carbon by 2050) is primarily delivered by shrinking the upstream portfolio rather than operational abatement. bp expects net production to fall ~40% by 2030 (from 2.6 mboed in 2019 to ~1.5 mboed), driven by base field decline, strategic divestments, and a policy of not exploring in countries where bp has no existing upstream activities. By 2021, Scope 3 Cat 11 had fallen to 303.6 MtCO2e — a 16% reduction from the 2019 baseline (360.9 MtCO2e). Exploration and access capex has declined from a peak of $4.6B in 2010 to ~$250M in 2021. Future CCS applied to blue hydrogen and gas-fired power is also planned as a supplementary lever.
sustainability_report p.51
BP completed major divestments during 2020-2021: Alaska business (divested June 2020), global aromatics and acetyls businesses to INEOS (December 2020), and legacy bpx energy assets at various dates in 2020-2021. Combined divestments accounted for 9.3 MtCO2e (20.4%) of the combined Scope 1+2 emissions decrease from 2020 to 2021, and 14.7 MtCO2e of the total decrease from 2019 baseline. This is the dominant driver of bp's reported Scope 1+2 emission trajectory — the majority of reported reductions reflect portfolio changes rather than operational abatement.
sustainability_report p.79
2020· 65 events
In February 2020 bp announced ambition to be net zero company by 2050 or sooner. Aim 1: net zero across operations (Scope 1+2) absolute by 2050. Short-term target: 20% reduction by 2025 vs 2019 baseline of 54.4 MtCO2e. Medium-term aim: 30-35% reduction by 2030 (subsequently accelerated to 50% in Feb 2022).
sustainability_report p.47
In August 2020, bp announced a target of 20% absolute reduction in Scope 1+2 (market-based) emissions by 2025 against a 2019 baseline of 54.4 MtCO2e, with a 2030 aim of 30-35% reduction. Target is linked to Aim 1 (net zero operations by 2050).
sustainability_report p.37
Aim 3 intensity target: cut the lifecycle carbon intensity of marketed energy products by 5% by 2025 (base 79.3 gCO2e/MJ in 2019). 2020 reporting year intensity was 78.8 gCO2e/MJ. Long-term aim is 50% reduction by 2050.
sustainability_report p.40
In 2020, bp's Whiting refinery put in place an agreement to purchase electricity from bp's Whiting Clean Energy facility, resulting in a 1 MteCO2e reduction in reported Scope 2 (market-based) emissions.
sustainability_report p.69
bp announced its ambition to be a net zero company by 2050 or sooner in February 2020, alongside 10 net zero aims covering operations (Aim 1: 20% S1+S2 reduction by 2025, 50% by 2030), production (Aim 2: 10-15% by 2025, 20-30% by 2030), and sales carbon intensity (Aim 3: 5% by 2025, 15-20% by 2030). The 2023 report confirms the ambition is unchanged.
sustainability_report p.17
In mid-2020, bp undertook what it described as the biggest reorganisation in its history, repositioning from an International Oil Company (IOC) focused on producing resources to an Integrated Energy Company (IEC) focused on delivering customer solutions. This introduced five transition growth engines (bioenergy, convenience, EV charging, renewables, hydrogen), three strategic focus areas, and a new sustainability frame with 10 aims. Organisational structure, leadership and reporting lines were all overhauled.
sustainability_report p.1
bp introduced a new lifecycle carbon intensity metric (gCO2e/MJ) covering marketed energy products for Aim 3, including end-use emissions. 2020 intensity reported as 78.8 gCO2e/MJ vs 2019 baseline of 79.3. This expands beyond the narrower upstream Cat 11 metric used for Aim 2.
sustainability_report p.41
As part of the sustainability frame introduced with the February 2020 net zero ambition, Aim 17 commits bp to becoming water positive by 2035. bp recognises the risk of increased water scarcity due to climate change and is taking steps to improve efficiency in operational freshwater use and effluent management. This is a watershed-level commitment embedded in bp's operating management system.
sustainability_report p.19
Announced Q2 2020 sale of petrochemicals business to Ineos to help focus portfolio.
sustainability_report p.13
bp will not undertake exploration in new countries and expects oil and gas production to be ~40% lower by 2030 vs 2019.
sustainability_report p.13
Target to develop 50GW renewable generating capacity to FID by 2030, with 20GW by 2025.
sustainability_report p.51
bp's Aim 4 targets installation of methane measurement at all existing major oil and gas processing sites by 2023, publishing the data, and then driving a 50% reduction in methane intensity. In 2020 bp set an intensity target of 0.20% by 2025; actual methane intensity was 0.12% in 2020, an improvement from 0.14% in 2019. Methane emissions from upstream operations decreased 22% to 71.6kt in 2020, driven by Alaska and bpx energy divestments and SER projects.
sustainability_report p.51
bp is taking early positions in green and blue hydrogen and carbon capture, use and storage (CCUS). The company partnered with Ørsted to develop green hydrogen at the Lingen refinery in Germany, and formed the Northern Endurance Partnership to develop CO2 transport and storage in the UK North Sea. bp views hydrogen and CCUS as critical for decarbonising hard-to-abate sectors and for its own refining and industrial operations, as part of its integrated energy company strategy.
sustainability_report p.18
bp's Aim 3 is to cut the lifecycle carbon intensity of marketed energy products by 50% by 2050, measured in gCO2e/MJ. The 2020 average emissions intensity was 78.8 gCO2e/MJ (2019: 79.3). The 2025 target is 5% reduction and the 2030 aim is >15%. Progress in 2020 was largely due to reductions in refined product sales from COVID-19 rather than structural low-carbon product growth. bp is scaling bioenergy (biofuels, biogas, biopower), green hydrogen and its LNG portfolio to support intensity reduction.
sustainability_report p.52
Aim 2: net zero across carbon in upstream oil & gas production by 2050 (Scope 3 Cat 11 equivalent, excluding Rosneft). 2020 production-linked emissions fell 9% to 328 MteCO2 vs 361 MteCO2 in 2019. Will not explore in new countries. Divestments (Alaska, petrochemicals) accelerate transition; $15bn divestments delivered a year early in June 2020.
sustainability_report p.36
bp completed the sale of its global petrochemicals business to INEOS for a total consideration of $5 billion. Final payments of $1 billion were received in February 2021.
sustainability_report p.47
Following publication of the bp Annual Report and Form 20-F 2019, some data improvements related to the reported 2019 figures for aims 2 and 3 were identified. Although not considered material, the 2019 figure has been adjusted.
sustainability_report p.51
Aim 5: increase share of investment in non-oil-and-gas businesses. 2020 low carbon investment was $750m (vs >$500m 2019); target $3-4bn by 2025 and ~$5bn/yr by 2030. Capital includes offshore wind partnership acquisitions, Lightsource bp, EV infrastructure, bp ventures and Launchpad (38 ventures).
sustainability_report p.40
bp restructured from an International Oil Company to an Integrated Energy Company, replacing the upstream/downstream model with four business groups. The reorganisation resulted in approximately 10,000 fewer jobs and a new integrated group structure.
sustainability_report p.7
bp completed the sale of all its upstream and midstream interests in Alaska to Hilcorp Energy for up to $5.6 billion. Disposal of TAPS completed 18 December 2020; BP Exploration (Alaska) Inc. disposed 30 June 2020.
sustainability_report p.47
bp changed its accounting policy for physically settled commodity derivative contracts from 1 April 2020, in accordance with IFRIC agenda decision on IFRS 9. Revenue from these contracts is now measured at contractual transaction price plus carrying amount of related derivative. No material impact on reported revenues.
sustainability_report p.178
bp set Aim 1 (net zero Scope 1 & 2 by 2050) with 2025 target of 20% reduction from 2019 baseline (54.4 MtCO2e), and Aim 2 (net zero Scope 3 upstream production by 2050) with 2025 target of 20% reduction. Also set methane intensity target of 0.20% by 2025.
sustainability_report p.49
bp's Aim 2 targets net zero on an absolute basis across the Scope 3 carbon in its upstream oil and gas production (GHG Protocol Category 11) by 2050 or sooner, with a 2025 interim target of 20% reduction. In 2020, estimated emissions were 328 MtCO2e, a reduction of approximately 9% compared to 361 MtCO2e in 2019. bp also plans to reduce hydrocarbon production by ~40% from 2019 levels by 2030 through divestments and high-grading the portfolio, supporting absolute Scope 3 reductions.
sustainability_report p.51
bp entered a strategic US offshore wind partnership with Equinor, investing $1.1 billion for a 50% share in Empire Wind and Beacon Wind leases (combined 4.4 GW capacity). This was bp's first offshore wind venture.
sustainability_report p.23
Following Black Lives Matter, launched UK ethnic minority ambition (15% senior leadership ethnic minority by 2025) and US frameworks; commitment to double diverse supplier spend by 2023 and reach $1bn by 2025.
sustainability_report p.62
Developing both green hydrogen (Ørsted partnership at Lingen refinery; Australia ARENA feasibility study) and blue hydrogen (H2Teesside targeting 1GW production by 2030 with 2 Mt/yr CO2 capture). Working in NEP consortium with Eni, Equinor, National Grid, Shell and Total to develop UK North Sea CCUS infrastructure that could decarbonize ~50% of UK industrial cluster emissions.
sustainability_report p.42
Aim 4: install methane measurement at all major oil and gas processing sites by 2023, publish data, then drive 50% reduction in methane intensity. 2025 target 0.20% intensity. 2020 intensity 0.12% (existing methodology); methane emissions from upstream operations fell 22% to 71.6kt. Working with EDF, OGCI and Methane Guiding Principles; deploying FlareIQ predictive analytics technology and drones with sensors.
sustainability_report p.38
bp aims for 50GW developed renewable capacity by 2030 (20GW by 2025), up from 3.3GW at end-2020. Routes include Lightsource bp (50% owned) for solar with ~17GW pipeline, bp wind energy operating 1.7GW onshore in US, an offshore wind partnership with Equinor targeting 4.4GW (including 3.3GW awarded by New York State), and preferred-bidder status with EnBW on 3GW Irish Sea leases. Brazilian JV bp Bunge Bioenergia delivered 28Mt sugar cane crushing capacity and exported 1,232 GWh of renewable power to the grid in 2020.
sustainability_report p.40
In 2020 bp adjusted freshwater withdrawal/consumption methodology to exclude reclaimed water volumes; 2017-2019 data restated.
sustainability_report p.70
Launched biodiversity position on World Environment Day. From 2022 all new applicable bp projects to have net positive impact plans, with no-go commitment for UNESCO World Heritage sites and IUCN Cat I areas.
sustainability_report p.67
Acquired majority stake in largest US forest carbon offset developer to scale natural climate solutions activity.
sustainability_report p.42
Completed Q4 2020. Reduced Scope 1 emissions by approximately 5.4 Mte and contributed materially to the 16% reduction in operational emissions in 2020.
sustainability_report p.34
Aim 3: cut life-cycle carbon intensity of products sold by 50% by 2050 (5% by 2025, >15% by 2030 vs 79.3 gCO2e/MJ 2019 baseline). 2020 intensity 78.8 gCO2e/MJ. Levers include 10,100+ EV charge points (target >70,000 by 2030), DiDi JV in China (35,000 charge points target by 2030), 1.4GW EV partnership with Uber, sustainable aviation fuel (target ~20% global SAF share by 2030), and bioenergy/biofuels co-processing.
sustainability_report p.37
Aim 1: net zero across Scope 1+2 by 2050; 20% reduction by 2025, 30-35% by 2030 vs 2019 baseline. Scope 1+2 fell 16% in 2020 (54.4 to 45.5 MteCO2e). Levers include energy efficiency, flare optimization (hydrocarbons flared down 1,395kt to 831kt), and electrification of bpx energy facilities (245 kteCO2e SERs delivered in 2020). Cumulative SERs since 2016 reached ~4.9 MteCO2e.
sustainability_report p.34
The 2018 RIC framework targets (3.5Mte SERs by 2025; 0.2% methane intensity) were replaced by more ambitious 2020 net zero aims; SER target met 6 years early at ~4.9Mte by end 2020.
sustainability_report p.31
In 2020 Whiting refinery put in place agreement to purchase electricity from Whiting Clean Energy facility, reducing reported Scope 2 by ~1 MteCO2e.
sustainability_report p.34
Aim to replenish more freshwater than consumed by 2035, with 20% towards water positive by 2025.
sustainability_report p.69
In August 2020 bp launched new strategy to transform from International Oil Company to Integrated Energy Company. Workforce reduced by ~10,000 employees by early 2022.
sustainability_report p.30
In 2020 bp added 10 further aims (5 people + 5 planet) including water positive by 2035, biodiversity net positive impact from 2022, 50GW renewable capacity by 2030, $1bn supplier diversity spend by 2025.
sustainability_report p.9
In February 2020 bp announced ambition to be a net zero company by 2050 or sooner with 10 aims spanning Scope 1+2 (aim 1), Scope 3 upstream production (aim 2), carbon intensity of products sold (aim 3), methane (aim 4), and low carbon investment (aim 5).
sustainability_report p.32
Divestment of bp's Alaska business and legacy bpx energy assets resulted in a 5.4 MtCO2e (9.9%) decrease in combined Scope 1+2 emissions in 2020 vs 2019. This was the largest single driver of the year-on-year emissions reduction.
sustainability_report p.83
In August 2020, bp announced a target of 20% absolute reduction in Aim 2 (upstream oil and gas production emissions, broadly equivalent to Scope 3 Cat 11) by 2025 against a 2019 baseline of 360.6 MtCO2e, with a 2030 aim of 35-40% reduction.
sustainability_report p.38
Aim 4 methane target: install methane measurement at all major oil and gas processing sites by 2023, then drive methane intensity to 0.20% by 2025 (new measurement approach). 2020 actual was 0.12% under existing methodology. Represents shift from calculation/estimation to direct measurement.
sustainability_report p.42
From 1 January 2021, a new executive-level Group Sustainability Committee was established chaired by the EVP Strategy & Sustainability to oversee progress against sustainability aims including net zero. This replaced the previous group, upstream and downstream carbon steering committees.
sustainability_report p.7
bp aims to develop 20GW of net renewable generating capacity to FID by 2025 and 50GW by 2030. By end-2020, bp had developed 3.3GW to FID including 1.07GW net wind generation (US onshore) and Lightsource bp solar (50% owned) developing 1.4GW to FID in 2020 with a 17GW pipeline. In January 2021, bp completed a US offshore wind partnership with Equinor targeting 4.4GW. bp also initiated a programme to green electricity supply to its property globally, engaging suppliers on renewable electricity options for new/renewed contracts covering 66% of global electricity spend.
sustainability_report p.58
In February 2020, bp announced its ambition to become a net zero company by 2050 or sooner, supported by 10 aims covering operations (Aim 1, Scope 1+2), upstream production (Aim 2, Scope 3 Cat 11), and lifecycle carbon intensity of sold products (Aim 3). Short-term targets (to 2025) and medium-term aims (to 2030) were also set. BP believes it is unique among peers in targeting net zero across all three dimensions.
sustainability_report p.1
In August 2020, bp formally set a target of 20% reduction in combined Scope 1+2 GHG emissions by 2025 against 2019 baseline (54.4 MtCO2e), with a 2030 aim of 30-35% reduction. By 2021 this target was already achieved — actual reduction was 35%, primarily through divestments (14.7 MtCO2e) and sustainable emission reductions (2.6 MtCO2e). The 2030 aim was subsequently accelerated to 50% in February 2022.
sustainability_report p.47
In August 2020, bp formally set a target of 20% reduction in the carbon in its upstream oil and gas production (Scope 3 Cat 11, equity share basis) by 2025 vs 2019 baseline (360.9 MtCO2e), with a 2030 aim of 35-40%. By 2021, approximately 16% reduction achieved (303.6 MtCO2e). Linked primarily to planned ~40% reduction in production by 2030 (from 2.6 mboed in 2019 to 1.5 mboed by 2030).
sustainability_report p.49
In February 2020, bp announced its ambition to become a net zero company by 2050 or sooner and to help the world get to net zero. Supported by 10 aims covering both operational net zero (Aims 1-5) and helping the world get to net zero (Aims 6-10). Not yet validated by SBTi.
sustainability_report p.50
bp announced ambition to become a net zero company by 2050 or sooner across operations (S1+S2), upstream oil and gas production (S3 Cat11), and energy products sold. Supported by 10 aims including near-term targets.
sustainability_report p.49
August 2020: bp set 20% reduction target for Scope 3 Cat 11 (upstream production carbon) by 2025 vs 2019 baseline of 360.9 MtCO2e. 2030 aim of 35-40% reduction. Target status in 2021 reporting year: Revised (2030 aim tightened in Feb 2022 to reflect expected ~40% production decline).
sustainability_report p.49
bp delivered 1.0 MteCO2e of sustainable GHG emissions reductions (SERs) in 2020 through flaring reductions in Angola (240kteCO2e) and Oman (120kteCO2e), AGT water injection pump optimization (55kteCO2e), North Sea gas turbine consolidation, and flare gas recovery. Total hydrocarbons flared decreased from 1,395kt in 2019 to 831kt in 2020. Methane intensity improved from 0.14% in 2019 to 0.12% in 2020. A $100 million Upstream Carbon Fund (expanded in 2020 to cover refining and shipping) drives investment in SER projects.
sustainability_report p.62
bp believes CCUS can play a vital role in limiting emissions, supporting its net zero aims. In the UK, bp leads the Net Zero Teesside (NZT) and Northern Endurance Partnership (NEP) projects targeting the UK's first gas-fired power station with CCUS and a net zero industrial cluster. bp supports CCUS policy in Illinois, the EU, and is progressing a CCUS feasibility study at Tangguh LNG. On nature-based solutions, in 2020 bp acquired a controlling interest in Finite Carbon, the leading US forest carbon credits provider. Cumulative CCS experience includes 3.9 MtCO2 injected in the In Salah Gas project (2004-2011).
sustainability_report p.101
bp set absolute emissions reduction targets for Scope 1 and 2: 20% reduction by end-2025, 45-50% reduction by end-2030, and net zero by 2050, all against a 2019 baseline of 54.4MtCO2e (Scope 1+2 combined). Baseline set at 12/31/2019.
sustainability_report p.340
In 2020, bp initiated a programme to green energy supply to its property (offices and retail sites) globally, engaging suppliers in competitive power markets to evaluate renewable electricity options. A specific deal with Lightsource bp supplied 272 retail sites in Spain under a seven-year renewable electricity contract, reducing emissions by approximately 4.8 ktCO2e/year. For the Whiting refinery, a 2020 agreement to purchase electricity from the Whiting Clean Energy facility reduced Scope 2 (market-based) by 1 MteCO2e.
sustainability_report p.119
bp set a target to reduce average lifecycle carbon intensity of sold energy products to net zero by 2050, with interim targets of 5% reduction by end-2025 and 8-10% reduction by end-2030 (revised from 15-20%) versus 2019 baseline of 84gCO2e/MJ.
sustainability_report p.354
bp set a methane intensity target of maintaining near-zero methane intensity (defined as 0.20% in line with OGDC and UNEP) across operated producing assets by end-2025. 2024 reported intensity was 0.07% using new measurement approach.
sustainability_report p.353
bp distinguishes durable removals from offsets. It acquired majority of Finite Carbon (largest US forest offset developer, 50 projects, 70M+ verified offsets) and is developing CCUS at Net Zero Teesside / Northern Endurance Partnership with target to capture and store up to 2 MtCO2/yr by 2030, plus H2Teesside blue hydrogen with 1GW production target. bp will not rely on offsets to meet 2030 aims but uses them beyond. Approved standards must address additionality, leakage, measurement accuracy and permanence.
sustainability_report p.42
In 2020, bp developed a new methane measurement hierarchy prioritising direct measurement over emission factors and calculation, setting a 2025 target of 0.20% under the new approach. The existing methodology continues to be used for current reporting, making the two methodologies not directly comparable.
sustainability_report p.43
bp is rapidly scaling its renewables portfolio, targeting 50GW of developed renewables to final investment decision by 2030 (up from 3.3GW in 2020 and 2.6GW in 2019). The company entered its first offshore wind partnership with Equinor in the US (investing $1.1 billion for 4.4GW capacity), was selected as preferred bidder for two major UK Offshore Wind Round 4 leases, and holds a 50% stake in Lightsource bp which grew its development pipeline from 1.6GW to 17GW since 2016. bp plans to increase annual low carbon investment ten-fold to ~$5 billion by 2030.
sustainability_report p.21
bp's Aim 1 targets net zero across its entire Scope 1 and 2 operations by 2050, with a 2025 interim target of 20% reduction from the 2019 baseline of 54.4 MtCO2e. In 2020, bp's combined Scope 1 and 2 emissions decreased 16% to 45.5 MtCO2e, driven by divestments (Alaska), COVID demand reductions, sustainable emissions reductions (SERs) from flaring and energy efficiency projects delivering 1 MtCO2e in 2020. Since 2016, 4.9 Mte of SERs have been delivered across operated sites.
sustainability_report p.49
bp is pursuing early positions in carbon capture, use and storage (CCUS) as a key part of its integrated low carbon portfolio, alongside land carbon projects such as nature-based offsets that count under its net zero methodology. The Northern Endurance Partnership was formed with five energy companies to develop offshore infrastructure to transport and store millions of tonnes of CO2 in the UK North Sea. CCUS is included in bp's Aim 2 net zero deductions and is a stated investment focus alongside hydrogen through to 2030.
sustainability_report p.18
bp grew its EV charging network to over 10,100 points by 2020 (vs 7,500 in 2019), targeting 25,000 by 2025 and 70,000 by 2030 via bp Pulse (UK), ultra-fast chargers in Germany, and the DiDi JV in China. By 2030 bp aims for 50% of retail gross margin from convenience and electrification. This directly reduces customer fossil fuel combustion emissions by substituting electricity for petroleum-based transport fuels.
sustainability_report p.48
bp's Aim 2 targets a 20% absolute reduction in upstream production emissions (broadly equivalent to Scope 3 Cat 11) by 2025 and 35-40% by 2030, against a 2019 baseline of 360.6 MtCO2e. In 2020, the reported figure was 327.6 MtCO2e, partly reflecting the divestment of Alaska and bpx energy assets. bp's strategy of high-grading its hydrocarbon portfolio, reducing production, and divesting high-carbon assets is the primary mechanism for achieving this reduction.
sustainability_report p.39
bp aims to double bioenergy production from 23,000 b/d in 2019 to 50,000 b/d by 2025 and >100,000 b/d by 2030 via the bp Bunge Bioenergia JV in Brazil, biogas (JV with Aria Energy), sustainable aviation fuel (SAF, 18 airports in 6 countries by end-2020) and co-processing at refineries. bp targets a 10% hydrogen share in core markets by 2030. In 2020, bp signed a Letter of Intent with Ørsted at Lingen to explore green hydrogen. These products replace fossil fuels and reduce downstream combustion emissions.
sustainability_report p.47
2019· 15 events
Aim 4: install methane measurement at all existing major oil and gas processing sites by 2023, publish data, and drive a 50% reduction in methane intensity of operations.
sustainability_report p.7
Deloitte assured product carbon intensity metrics (refined, gas, bio, power) for the first time under ISAE 3000.
sustainability_report p.79
BP reviewed 30 trade associations; 22 aligned, 5 partially aligned, 3 did not align — BP will leave the three non-aligned associations.
sustainability_report p.73
BP exceeded its target of 3.5Mte of sustainable emissions reductions for 2016-2025, achieving 3.9Mte by 2019.
sustainability_report p.25
BP announced agreement to divest its assets in Alaska in 2019.
sustainability_report p.58
For Scope 3 category 11, BP began reporting estimated CO2 emissions from carbon in upstream oil and gas production (~360Mte in 2019), replacing the previous 'customer emissions' metric to align with new net zero aim.
sustainability_report p.26
BP aligned reporting with UN SDGs, particularly affordable and clean energy (7), decent work (8), and climate action (13).
sustainability_report p.13
BP strongly supports natural climate solutions as a key part of the energy transition, estimating NCS could deliver ~1/3 of GHG reductions needed for Paris goals by 2030. Investing in REDD projects. Playing leading role in OGCI's Net Zero Teesside CCUS project (up to 6Mte CO2/year storage capacity, southern North Sea with ~1,000Mte storage). Also exploring blue hydrogen (from natural gas with CCS) and participating in UAE CO2-EOR JV.
sustainability_report p.29
Aim 3: cut carbon intensity of marketed energy products by 50% by 2050. 2019 average emissions intensity 79.7 gCO2e/MJ (refined 93.7, gas 71.6, bio 28.8, power 43.8). Decarbonising via co-processing bio-feedstock at refineries, BP Biojet sustainable aviation fuel (11 locations), >30 carbon neutral retail sites, Castrol carbon neutral lubricants in 12 countries, BP Target Neutral offset >5Mte since 2006 (>1Mte in 2019).
sustainability_report p.28
Built >7,500 BP Chargemaster EV charging points in the UK (largest public network). Installing 150kW ultra-fast chargers at BP retail sites in UK and Aral in Germany. China JV with DiDi (550m users, 1m EVs) for fast-charge. Investing in StoreDot, FreeWire, Grid Edge (UK), R&B (China). Developing e-transmission fluids for OEMs.
sustainability_report p.36
Joined Hydrogen Council in 2019; appointed VP of green hydrogen in October 2019. Exploring blue hydrogen from natural gas with CCS, and green hydrogen from electrolysis to replace grey hydrogen in refineries. Pursuing green ammonia production/export and green hydrogen for transport.
sustainability_report p.29
BP Infinia enhanced PET recycling technology turns difficult-to-recycle PET plastic waste back into virgin-quality feedstock. Consortium with Britvic, Danone, Unilever, ALPLA, REMONDIS. Building $25m pilot plant in US, targeted operational end of 2020. Also working with Virent and Johnson Matthey on bio-paraxylene for renewable plastics.
sustainability_report p.31
Aim 2: net zero on absolute basis across carbon in upstream oil and gas production by 2050 (BP equity share excl. Rosneft, ~360Mte in 2019). Aim 5: increase proportion of investment in non-oil and gas businesses over time, with corresponding decrease in oil and gas investment.
sustainability_report p.26
Aim 1: net zero across operations by 2050. Delivered 1.4MteCO2e of SERs in 2019, total 3.9Mte since 2016 — meeting 3.5Mte target 6 years early. Flaring fell 13% (Angola the largest contributor). Methane intensity 0.14% in 2019 (down from 0.16% in 2018, 0.25% in 2016) — targeting 0.2% intensity and 50% reduction post-2023. Installing methane measurement at all major oil/gas processing sites by 2023 using drones, continuous imaging cameras (Khazzan, Oman; Trinidad 2020).
sustainability_report p.25
BP has been in renewables for over 20 years. In December 2019 increased stake in Lightsource BP to create a 50:50 JV, now active in 13 countries. Created BP Bunge Bioenergia, a 50:50 JV producing ~2.3 billion litres of ethanol equivalent/year from sugarcane in Brazil, plus biopower (1,200 GWh exportable). Operates 9 onshore US wind sites with 926MW net capacity. All BP Chargemaster EV charging electricity is certified 100% renewable via REGO scheme. Investing >$500m/year in low carbon activities.
sustainability_report p.32
2018· 19 events
BP sees CCUS as vital to Paris alignment. Working with OGCI Climate Investments on the UK's first commercial full-chain CCUS project (Clean Gas Project, Teesside, potentially operational mid-2020s). Invested in C-Capture (chemical CO2 removal from power/industry) and Solidia Technologies and Carbonfree Chemicals. Participates in a UAE joint venture using CO2 for enhanced oil recovery. Sponsors University of Texas Gulf Coast Carbon Center for CCUS research.
sustainability_report p.23
80-90% of CO2 from oil & gas products comes from customer use. BP Biojet (recycled cooking oil, >60% lower GHG than conventional jet fuel) supplied to airlines in Norway, Sweden, Chicago O'Hare. Acquired Chargemaster (UK's largest EV network, 6,500+ chargepoints). Invested in StoreDot (ultra-fast batteries), FreeWire (mobile rapid EV charging), PowerShare (China EV platform), Lightning Systems (electric powertrains).
sustainability_report p.18
Targeting methane intensity of 0.2% (aligned with OGCI). Total methane emissions reduced more than 10% in 2018, largely due to operational changes in Angola. Deploying drone-mounted IR cameras, gas cloud imaging (first unit at Khazzan, Oman), solar pumps and near-completion of programme to replace 10,000 high-bleed controllers begun in 2000. Signatory to Methane Guiding Principles, OGMP, Environmental Partnership.
sustainability_report p.15
BP set targets including zero net growth in operational emissions to 2025, 3.5 Mte sustainable GHG reductions by 2025, and methane intensity target of 0.2%. Tied to bonuses for ~36,000 employees from 2019.
sustainability_report p.10
BP acquired BHP's US unconventional assets in 2018, significantly upgrading the US onshore portfolio.
sustainability_report p.53
Commitment to reach 85% Papuan workforce by 2029 at Tangguh LNG plant, up from 56% in 2018.
sustainability_report p.44
In 2018 BP aligned the way it calculates methane intensity with OGCI. On a like-for-like basis, this shows a reduction from 0.3% in 2016/2017 to 0.2% in 2018.
sustainability_report p.73
BP aiming for zero routine flaring by 2030 as part of World Bank initiative.
sustainability_report p.14
BP divested three wind energy operations in Texas as part of restructuring to optimize US wind portfolio for long-term growth.
sustainability_report p.26
Target for ethnic minorities to represent 20% of group leaders and 30% of employees by 2025 (up from 17% and 26% in 2018).
sustainability_report p.57
Launched in 2018. 33 activities accredited in 2018, growing to 52 in 2019. Deloitte provides independent assurance.
sustainability_report p.28
13-year-old offsetting programme — 20+ certified carbon neutral products/services across aviation, commercial transport, automotive. BPme app lets UK drivers offset fuel emissions. Expanded car-dealership offsetting in Mexico and Singapore. Castrol VECTON certified carbon neutral (PAS 2060). PTAir Neutral — world's first certified carbon neutral PTA.
sustainability_report p.18
Targeting 3.5 Mte sustainable GHG reductions by 2025 (2.5 Mte achieved since 2016). Aiming for zero routine flaring by 2030 (World Bank initiative). 2018 actions: waste-heat recovery for steam at Whiting refinery; replaced gas turbines with electric compressors at Prudhoe Bay; introduced three more efficient LNG carriers; piloted green hydrogen at Lingen refinery; tuned upstream pumps and turbines. $100m announced in 2019 for new upstream emissions projects.
sustainability_report p.12
BP holds a 43% share in Lightsource BP with $200m investment over 3 years to develop utility-scale solar globally (Egypt, Australia, UK, US, Brazil, India, Italy/Iberia). Operates 10 onshore US wind sites + Hawaii (~1,000 MW net). Three Brazilian biofuels mills produced 765 million litres of ethanol equivalent and 892 GWh of biopower in 2018, with ~70% of biopower exported to Brazil's grid. Renewables estimated at 15% of global energy mix by 2040 in evolving transition scenario.
sustainability_report p.26
Acquired Chargemaster, operator of the UK's largest electric vehicle charging network — now BP Chargemaster with 6,500+ chargepoints.
sustainability_report p.11
PTAir has ~30% lower carbon footprint than European PTA average. Partnership with Virent and Johnson Matthey on bio-paraxylene for renewable plastic. Developing chemical recycling technologies for previously-unrecyclable plastics, targeting commercialisation by 2025. Redesigned Castrol US engine oil packaging to use less plastic, saving ~1,500 tonnes/year. Investing in Fulcrum BioEnergy (household waste to fuel).
sustainability_report p.19
Targeting methane intensity of 0.2% from upstream operations, aligned with OGCI methodology.
sustainability_report p.15
BHP American shale assets acquired and integrated into BPX Energy; cited as main reason for increases in 2019 operational emissions, oil spills, and process safety events.
sustainability_report p.26
Gas offers ~50% lower CO2 than coal in power. Nine of 16 major projects scheduled 2019-2021 are gas. Started up Shah Deniz 2 in 2018 (Caspian gas to Turkey/Europe via TANAP/Southern Gas Corridor). Khazzan central processing facility in Oman designed for low methane emissions. Developing Mauritania/Senegal offshore LNG with Kosmos Energy.
sustainability_report p.22
2017· 15 events
BP commits at least $500m/year for low carbon activities including ~$200m/year for venturing in low carbon solutions (Solidia, Tricoya, Carbonfree Chemicals, FreeWire, Peloton, Onyx InSight, Fulcrum BioEnergy). Collaboration in OGCI's $1bn fund for research and technology.
sustainability_report p.22
BP's renewables portfolio: 776 million litres of ethanol equivalent from three Brazilian sugar-cane sites with 70% lower lifecycle GHG vs conventional fuels; biopower from bagasse (70% exported to grid); $200m investment in Lightsource for large-scale solar; 13 US wind sites + 1 Hawaii interest with 1,432MW net generating capacity. Total 2.9m tCO2e avoided through renewables business in 2017.
sustainability_report p.19
Partnership with FreeWire for fast EV charging at retail sites in US, Europe, NZ. Investment in Peloton truck-platooning technology. Exploring how 18,300 retail sites globally can serve EV customers. Estimate every 100m EVs reduces oil demand by ~1m bbl/day.
sustainability_report p.25
BP signed up to Methane Guiding Principles with seven peer companies.
sustainability_report p.11
BP signed up to World Bank Zero Routine Flaring by 2030 initiative.
sustainability_report p.13
Historical and current LOPC data restated in 2017 to exclude safe gas releases from hung dump valves in US Lower 48 remote locations.
sustainability_report p.81
Targeting methane intensity of 0.2% and holding below 0.3%, accounting for >90% of methane emissions from operated oil and gas assets.
sustainability_report p.15
BP partnered with Lightsource ($200m investment over three years) to develop large-scale solar projects globally.
sustainability_report p.11
BP targets 3.5Mte sustainable GHG reductions by 2025 through energy efficiency, fewer methane emissions, and reduced flaring. Replaced 10,000 high-bleed pneumatic controllers in US Lower 48; trialling solar-powered pumps and infrared cameras for leak detection. 0.5Mte sustainable reductions delivered in 2017.
sustainability_report p.13
80-90% of BP's product emissions come from customer use. BP develops carbon-neutral Castrol lubricants (PAS 2060), PTAir chemical feedstock (~30% lower carbon than European PTA average), biojet from waste with Fulcrum BioEnergy, Butamax bio-isobutanol with DuPont, and Aral/BP fuel cards for offsetting.
sustainability_report p.26
BP pursues carbon capture, use and storage (CCUS) via CO2 Capture Project, In Salah Algeria pilot, OGCI Climate Investments, and EOR JV in UAE. Target Neutral has offset >3 million tCO2e over a decade through forestry, biogas, cookstove projects. Investments in Solidia (concrete) and Carbonfree Chemicals (cement CCS).
sustainability_report p.30
BP aligned reporting to UN Sustainable Development Goals 7, 8, 13 primarily, with support for goals 6, 9, 12, 14, 15.
sustainability_report p.78
BP introduced Advancing Low Carbon accreditation programme, with 33 activities accredited in first year; 18m tCO2e saved/offset by BP activities and 4.3m tCO2e by partner activities. Assured by Deloitte.
sustainability_report p.9
BP set targets: zero net growth in operational emissions out to 2025; 3.5Mte sustainable GHG emissions reductions by 2025; methane intensity of 0.2% and hold below 0.3%; $500m/yr in low carbon activities.
sustainability_report p.6
Growing gas and advantaged oil in upstream — 13 of 22 major projects scheduled by 2021 are gas. Southern Gas Corridor (Shah Deniz to Europe), Khazzan Oman, Tangguh expansion in Indonesia. Gas produces ~half the CO2 of coal in power generation.
sustainability_report p.20
2016· 12 events
BP suffered three contractor fatalities in 2016 - one at biofuels business in Brazil and two in pipeline construction incident in Oman.
sustainability_report p.1
Around half of BP's upstream portfolio is natural gas. Several new gas projects coming onstream including Khazzan (Oman), West Nile Delta and Zohr (Egypt), Juniper (Trinidad), and Southern Gas Corridor. Natural gas produces about half as much GHG emissions as coal when burned for power. Tangguh LNG has GHG emissions at least 50% lower than coal.
sustainability_report p.15
Uses Solomon Energy Intensity Index (EII) to track refining efficiency; overall refining EII improved 0.7% in 2016. Whiting refinery uses steam generated by operations to power refinery. Geel petrochemicals plant in Belgium achieved 30% less power use and overall 14% GHG reduction for PTA production. Six new LNG carriers designed to use 25% less fuel.
sustainability_report p.18
Castrol lubricants with lower viscosity helped avoid over 5 million tonnes CO2 over 10 years. India diesel lubricant uses re-refined engine oil; lubricants formulated with 25% renewable plant-based oil. Jet biofuel supply at Oslo airport; Air BP achieved carbon neutrality for into-plane fuelling at 200+ facilities; $30M investment in Fulcrum BioEnergy for jet fuel from household waste. PTAir reduces PTA carbon footprint by ~30%.
sustainability_report p.20
BP is a founding member of World Bank Global Gas Flaring Reduction partnership and signed Zero Routine Flaring by 2030. Tangguh operations reduced flaring by 67% since 2012 by recycling gas. Routine flaring constitutes less than 5% of total flaring in upstream. 2016 flaring was 1,896 kte hydrocarbons, a 2% increase due to operational/export limitations in Angola and increased Oman drilling.
sustainability_report p.18
In 2016, BP's financing of low carbon project activities resulted in annual emissions reductions of more than 20 Mte of CO2e in the form of offsets - equal to 40% of direct emissions. BP Target Neutral has offset 2.5 million tonnes CO2e over 10 years. BP works on CCUS via the In Salah CO2 joint venture in Algeria, CO2 Capture Project, and Princeton Carbon Mitigation Initiative (16-year partnership), exploring natural sinks in land/forests and geological storage. OGCI committed $1 billion focused on methane reductions and CCUS deployment.
sustainability_report p.17
Around $300 million invested in over 40 venture start-ups and funds, enabling further $2 billion in external equity. About half of venturing investments focus on low carbon solutions including Tricoya (wood chip building material), Solidia (concrete with 30-70% lower carbon footprint), and Lightning Hybrids (hydraulic hybrid system for delivery trucks).
sustainability_report p.17
BP estimates methane intensity at around 0.2% of marketed gas production. Reduces methane via central processing facilities at Khazzan (Oman), green completions at US gas operations, solar-powered pneumatic equipment at San Juan, and infrared cameras/centralized monitoring/sniffer dogs to detect leaks. Member of Climate and Clean Air Coalition's Oil and Gas Methane Partnership.
sustainability_report p.15
Around a quarter of the 2016 increase in direct GHG emissions is due to changes in how BP calculates emissions.
sustainability_report p.19
BP signed up to the World Bank Zero Routine Flaring by 2030 initiative aiming to eliminate routine flaring from oil assets by 2030. Routine flaring constitutes less than 5% of total flaring in BP's upstream operations.
sustainability_report p.11
BP operates the largest renewables business among its oil and gas peers, focused on biofuels and wind. Brazil biofuels business produced 733 million litres of ethanol equivalent in 2016 with life cycle GHG emissions 70% lower than conventional transport fuels. BP is among top wind producers in the US with 1,452 MW net generating capacity (financial stake basis), enough to power almost 400,000 homes. Wind activities helped avoid around 2.54 million tonnes of CO2 in 2016. Renewables business employs more than 5,000 people.
sustainability_report p.16
BP factors a carbon cost of $40 per tonne of CO2 equivalent into investment decisions and engineering designs for large new projects in industrialized countries, with stress test at $80 per tonne.
sustainability_report p.13
2015· 12 events
BP joined seven other oil and gas companies in calling on the UN and governments to put a price on carbon, and joined the Carbon Pricing Leadership Coalition.
sustainability_report p.15
BP operates the largest renewables business among its oil and gas peers, focused on biofuels and onshore wind. Three sugar cane ethanol mills in Brazil produced 795 million litres of ethanol equivalent in 2015 (up 47% from 542 in 2014), farming around 127,000 hectares. BP holds interests in 16 onshore US wind farms with net generating capacity of 1,556 MW, and two small wind farms (32 MW) at Netherlands refineries. Wind activities helped avoid ~2.7 million tonnes of CO2 in 2015; ethanol production avoided ~0.7 million tonnes. Air BP became the world's first supplier of commercial jet biofuel (to Lufthansa, SAS, KLM at Oslo airport).
sustainability_report p.16
BP's onshore oil and gas activity in the US (Lower 48) was set up as a separate business with its own governance, processes and systems in 2015.
sustainability_report p.6
The 2015 figure reflects BP's update of the global warming potential for methane from 21 to 25, in line with IPIECA's guidelines.
sustainability_report p.9
BP signed up to the World Bank Zero Routine Flaring by 2030 initiative, aiming to eliminate routine flaring from oil assets by 2030. Also joined Climate and Clean Air Coalition's Oil and Gas Methane Partnership.
sustainability_report p.7
BP announced an $18.7 billion government settlement related to the Deepwater Horizon Gulf of Mexico spill, including $7.1 billion for natural resource damages.
sustainability_report p.6
BP has built capability in CCS technology through projects such as the In Salah CO2 storage project in Algeria and developing hydrogen-fired power projects in Abu Dhabi and California. The CO2 Capture Project, a BP-operated joint partnership, is developing and piloting technology and demonstrating safe and secure geological containment. CCS faces high costs, commercial complexity, and uncertain business/policy environment but could enable continued fossil fuel use in a carbon-limited world.
sustainability_report p.17
Around 55% of BP's Upstream portfolio is natural gas and increasing. BP is developing major gas supply chains including the Southern Gas Corridor (Caspian to Europe) and supplying gas to China and India. The Khazzan project in Oman is designed as an inherently low-emission concept with centralized gas processing to reduce methane emissions, producing 1.5 billion cubic feet/day. Natural gas produces about half the CO2 of coal when burned for power.
sustainability_report p.16
BP uses the Solomon Energy Intensity Index (EII) to benchmark refinery energy performance, with each refinery setting EII targets. Zhuhai 3 petrochemicals JV in China delivers ~65% lower GHG emissions vs conventional PTA technology. Since 2002, sustainable GHG reduction projects (energy efficiency, flaring/venting) have totalled 8.8 Mte cumulatively.
sustainability_report p.17
Castrol lubricants with lower viscosity help manufacturers improve fuel efficiency. Compared with 2004 Castrol formulation, more recent lubricants helped avoid more than 5 million tonnes of CO2 over the past 10 years — equivalent to removing ~250,000 European cars from the road each year. Premium Ultimate fuels improve combustion. Partnership with Ford on EcoBoost engines using specially formulated Castrol oils.
sustainability_report p.17
BP signed up to the World Bank Zero Routine Flaring by 2030 initiative and joined the Climate and Clean Air Coalition's Oil and Gas Methane Partnership. Upstream flaring decreased 15% from 2014 (2,188 kte) to 1,863 kte in 2015. Tangguh reduced flaring 87% since 2010. Methane managed via leak detection/repair programmes, green completions in US gas operations, and centralized gas processing.
sustainability_report p.42
BP requires its businesses to use an internal carbon price of $40 per tonne of CO2 equivalent for industrialized countries in evaluating large new projects, and stress tests at higher prices. By 2020, ~two-thirds of BP's direct emissions are expected to be in countries subject to carbon policy. The carbon price has encouraged lower-GHG project designs.
sustainability_report p.15