BP

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

• · berkeley_voluntary_registry
• · CarbonPlan OffsetsDB

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.

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.

• Hydrogen and CCS investment

  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.

• Internal carbon price embedded in investment appraisal and impairment testing

  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.

• Operational efficiency, electrification and flaring reduction

  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.

• Methane intensity reduction across upstream operated assets

  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.

• Operated emissions reduction via flaring, electrification and operational efficiency

  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%.

• Operational emissions reduction: energy efficiency and flaring optimization

  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.

• Net zero operations aim: reducing Scope 1 and 2 emissions vs 2019 baseline

  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).

• Methane measurement and abatement

  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.

• Operational emissions reduction through energy efficiency and flaring reduction

  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.

• Resilient hydrocarbons: portfolio high-grading and structural cost reduction ($4-5bn target by 2027)

  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.

• Operational efficiency & electrification at refineries and upstream

  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.

• Scope 2 reduction via lower carbon power agreements and on-site generation

  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.

• Hydrogen and CCS investment to decarbonise bp's own operations

  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.

• Low carbon energy portfolio build-out: hydrogen, bioenergy (bp Bunge Bioenergia) and offshore wind

  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.

• Operated carbon emissions reduction linked to executive pay

  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.

• Low carbon energy portfolio: solar (Lightsource bp), offshore wind, hydrogen

  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.

• Operated emissions reduction — net zero operations aim by 2050 or sooner

  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.

• Structural cost reduction and operational efficiency — $750M reduction in 2024

  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.

• Capital expenditure Paris-consistency evaluation for new material investments

  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.

• Methane abatement via real-time measurement (OGMP gold, near-zero <0.2% intensity)

  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.

• Structural cost reduction to fund transition and strengthen balance sheet

  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.

• Operated carbon emissions (Scope 1+2) reduction vs 2019 baseline

  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.

• Asset portfolio optimisation through disciplined divestitures and JV formation

  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.

• Operated carbon emissions reduction (Scope 1+2) vs 2019 baseline embedded in executive pay

  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.

• Operated carbon emissions reduction (Scope 1+2 vs. 2019 baseline) as executive KPI

  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.

• Reducing operated carbon emissions (Scope 1+2) vs 2019 baseline

  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.

• Portfolio optimisation and structural cost reduction to fund energy transition

  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.

• Resilient hydrocarbon portfolio high-grading with embedded carbon pricing

  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.

• Methane reduction via direct measurement, LDAR and near-zero intensity target

  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.

• Operational emissions reduction through energy efficiency, flaring reduction and electrification

  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.

• Carbon Capture, Utilisation and Storage (CCUS) and green hydrogen for operational decarbonisation

  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.

• Refinery portfolio management and impairment (Gelsenkirchen)

  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.

• Methane intensity reduction to 0.20% by 2025

  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.

• Operational emissions reduction at refineries & upstream

  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.

• Industrial-scale CCS and low-carbon hydrogen at refinery and energy hubs

  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.

• Operational efficiency: electrification, energy efficiency, flaring reduction

  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.

• Methane measurement, monitoring and reduction across upstream assets

  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.

• Portfolio optimization: divestments and upstream production reduction

  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.

• Methane measurement and reduction programme (Aim 4)

  bp's Aim 4 is to install methane measurement at all major oil and gas processing sites by 2023 and then drive a 50% reduction in methane intensity. Methane intensity fell to 0.05% in 2022 (from 0.07% in 2021) under existing methodology; absolute upstream methane fell 35% to ~28 kt. bp is deploying multiple measurement technologies including enhanced metering, FLIR cameras, drone-mounted sensors (SeekOps), satellites (Satelytics) and predictive monitoring software. bpx energy participates in voluntary MiQ certification across all operated reporting units. bp targets 0.20% methane intensity on a measured basis by 2025.

• Portfolio optimisation and divestment of higher-emitting assets

  bp is high-grading its portfolio towards resilient, lower-emissions assets, reducing operated emissions through divestment. In 2022, 16 MtCO2e of Scope 1+2 emissions reductions were attributable to divestments including legacy bpx energy assets and the Angola transition to Azule Energy JV. bp plans to divest around 200,000 boe/day of lower-margin assets by 2030 and aims for a 25% reduction in oil and gas production by 2030 vs 2019 (Aim 2), which directly reduces Scope 3 upstream production emissions.

• Operational energy efficiency and sustainable emission reductions (SERs)

  bp's primary lever for Aim 1 (net zero S1+S2 by 2050) is delivery of Sustainable Emission Reductions (SERs) – energy efficiency, flaring reduction, methane management and electrification. In 2022, 1.5 MtCO2e of SERs were delivered: 351 ktCO2e at bpx energy through further electrification and vapour recovery; 86 ktCO2e at Tangguh LNG via steam heat recovery; and 662 ktCO2e from lower carbon power agreements at European refineries. Cumulative SERs since 2019 total 4.1 MtCO2e. Key techniques include electrifying onshore upstream assets, reducing routine flaring (targeting zero by 2025 in US onshore), and deploying FlareIQ real-time analytics.

• Methane measurement and reduction across all major sites by 2023

  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.

• Hydrocarbon production decline ~25% by 2030

  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.

• Operational efficiency, electrification and flaring reduction

  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.

• Bioenergy and SAF scale-up — 26k b/d in 2021 targeting >100k b/d and $2B EBITDA by 2030

  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.

• Internal carbon pricing applied to investment decisions

  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).

• Hydrocarbon production reduction (Aim 2)

  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.

• Methane reduction and measurement (Aim 4)

  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.

• Transition growth engines: bioenergy, EV charging, hydrogen

  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.

• High-grading and reducing upstream hydrocarbon production portfolio

  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.

• Reducing Scope 1&2 operated emissions through energy efficiency and flaring elimination

  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.

• Operational emissions reduction (Aim 1)

  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.

• Portfolio high-grading and divestment of high-carbon assets

  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.

• Operational emissions reduction via energy efficiency, flaring reduction and methane management

  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.

• Operational Scope 1+2 abatement — SERs programme, 1.6 Mt delivered in 2021 vs 1.0 Mt target

  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.

• Flaring and methane reduction — Aim 4, OGMP 2.0 Gold, methane intensity 0.07% in 2021

  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.

• Upstream portfolio high-grading — 40% lower production by 2030 reduces Scope 3 Cat 11

  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.

• Methane intensity reduction to 0.20% by 2025

  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.

• Reducing carbon intensity of marketed products by 50% by 2050 (Aim 3)

  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.

• Portfolio high-grading: ~40% lower hydrocarbon production by 2030

  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.

• Methane measurement and reduction at processing sites

  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.

• Operational emissions reduction (energy efficiency, electrification, flare reduction)

  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.

• Operational emissions reduction: flare reduction, methane management, energy efficiency

  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.

• Transition to low-carbon electricity supply for bp's own operations

  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.

• Net zero operations: Scope 1 and 2 emissions reduction

  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.

• Circular economy and plastics recycling (BP Infinia)

  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.

• Upstream oil & gas carbon — net zero by 2050

  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.

• Operational emissions reduction — zero net growth & methane control

  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).

• Operational methane reduction (0.2% intensity target)

  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.

• Flaring reduction and energy efficiency

  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.

• Pivot to natural gas in upstream portfolio

  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.

• $500m/yr investment in low carbon businesses + venturing

  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.

• Operational energy efficiency, flaring and methane reduction

  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.

• Shift to natural gas in upstream portfolio

  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.

• Shift portfolio to natural gas and advantaged oil

  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.

• Energy efficiency in refining and petrochemicals

  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.

• Flaring reduction in upstream operations

  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.

• Methane emission reduction in upstream gas operations

  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.

• Natural gas portfolio shift (gas as ~55% of Upstream)

  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.

• Operational energy efficiency in refining and petrochemicals

  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.

• Flaring reduction & methane management

  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.

• Internal carbon price of $40/tCO2e for industrialized countries

  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.

• Customer/use-of-sold decarbonisation via product mix shift

  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.

• Bioenergy and biofuels (Archaea, bp bioenergy, SAF)

  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.

• Low carbon energy transition businesses: hydrogen, CCS and renewable natural gas

  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.

• EV charging build-out

  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.

• Bioenergy and sustainable aviation fuel to decarbonize transport customers

  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.

• Net zero sales aim: reducing lifecycle carbon intensity of sold energy products

  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.

• Green hydrogen at refinery hubs (Lingen, Castellón)

  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).

• Customer-use decarbonisation via bioenergy (Archaea + bp bioenergy)

  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.

• Portfolio high-grading and divestiture of mature gas

  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.

• EV charging network growth (bp pulse 39,100 charge points)

  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.

• Net zero sales: reducing lifecycle carbon intensity of sold energy products

  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.

• Biofuels and low carbon mobility solutions for customers

  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.

• Convenience and mobility transition: EV charging and Castrol battery diversification

  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.

• Low carbon energy portfolio: bioenergy, hydrogen and gas/LNG transition

  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.

• Low-carbon convenience and mobility via EV charging, Castrol and bioenergy

  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.

• Low-carbon customer products: bioenergy, EV charging, hydrogen, and convenience mobility

  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'.

• Convenience and mobility transition: TravelCenters, EV, Castrol and battery-swapping

  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.

• Net zero sales: reducing lifecycle carbon intensity of sold energy products through portfolio transition

  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.

• Supply chain engagement and NOJV influence to reduce upstream Scope 3 emissions

  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.

• Net zero sales aim — carbon intensity of sold energy products

  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.

• Bioenergy and biogas via bp Bunge Bioenergia acquisition

  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.

• EV charging network expansion via bp pulse

  >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).

• Bioenergy growth (biofuels + biogas)

  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.

• Upstream oil & gas production reduction

  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).

• Hydrogen for refineries and customer demand

  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.

• EV charging infrastructure and zero-tailpipe transport decarbonization

  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.

• Bioenergy growth: RNG, biofuels and biogas supply expansion

  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.

• Bioenergy scale-up as transition growth engine

  bp is scaling biofuels (targeting ~100,000 b/d by 2030 from 27,000 b/d in 2022) focused on sustainable aviation fuel at Kwinana, Rotterdam, Castellon, Lingen and Cherry Point refineries, plus the bp Bunge Bioenergia ethanol JV in Brazil. Biogas supply is being expanded six-fold to ~70,000 boe/d by 2030 following the Archaea Energy acquisition. bp expects to invest ~$15 billion in bioenergy between 2023 and 2030, targeting >$4 billion EBITDA by 2030. Bioenergy reduces lifecycle Scope 3 emissions from sold products (Aim 3) and provides lower-carbon alternatives for hard-to-abate sectors.

• Reducing Scope 3 through customer product carbon intensity (Aim 3)

  bp's Aim 3 targets net zero carbon intensity of sold energy products by 2050, with a 5% reduction by 2025 and 15-20% by 2030 vs 2019 baseline of 79 gCO2e/MJ. In 2022, carbon intensity was 77 gCO2e/MJ (-2% vs 2019). Progress is driven by growing EV charging (22,000 charge points in 2022), bioenergy (27,000 b/d biofuels), expanding renewable power sales through Lightsource bp and the US wind/solar business, and bp's power trading business. Acquisitions of Archaea Energy (biogas) and EDF Energy Services are expected to further reduce carbon intensity from 2023.

• Bioenergy and SAF growth to 100kb/d biofuels by 2030

  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.

• Scale EV charging to 100,000+ points and customer decarbonisation

  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.

• Hydrogen production 0.5-0.7Mtpa by 2030 — green and blue

  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.

• Supply chain decarbonisation and sustainable procurement

  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.

• Decarbonising sold energy products — lifecycle carbon intensity reduction (Aim 3)

  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.

• Clean cities and corporate partnerships (Aim 10)

  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.

• Customer/sales decarbonization (Aim 3)

  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.

• Decarbonising customers and enabling EV transition via charging network and sustainable aviation fuel

  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.

• EV charging network — 13,100 charge points in 2021 targeting >100,000 by 2030

  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.

• Decarbonising sold energy products - net zero carbon intensity of marketed energy (Aim 3)

  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.

• Hydrogen and CCUS early position as long-term decarbonisation lever

  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.

• Low carbon investment ramp - $5bn/yr by 2030

  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).

• Net zero upstream oil and gas production (Aim 2 - Scope 3 Cat 11)

  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.

• Hydrogen + CCUS for industrial decarbonisation

  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.

• Customer/product carbon intensity - convenience & mobility electrification

  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.

• EV charging network expansion and mobility transition to reduce transport fuel combustion emissions

  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.

• Reducing Scope 3 Cat 11 (use-of-sold) via portfolio high-grading and production decline

  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.

• Bioenergy, hydrogen and CCUS as low-carbon product substitutes reducing customer emissions

  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.

• Halving carbon intensity of products sold

  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).

• Electric vehicle charging and e-mobility

  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.

• Hydrogen — blue and green

  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.

• Customer use-of-sold decarbonisation: biofuels, EV charging, lower-carbon products

  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).

• BP Target Neutral carbon offsetting for customers

  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.

• Circular economy in chemicals and plastics

  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).

• Advanced mobility and EV charging infrastructure

  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.

• Lower-carbon fuels, lubricants and petrochemicals for customers

  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.

• Helping customers reduce emissions via lubricants, biofuels and PTAir

  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%.

• Low carbon venturing and start-up investments

  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).

• Lower-viscosity Castrol lubricants for customer fuel efficiency

  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.