BP plans net zero emissions by 2050 or sooner by targeting greenhouse gas emissions worldwide. Current CO2 equivalent (MteCO2e) production from its operations is around 55 million tonnes/year, and the carbon in the oil and gas that it produces is equivalent to around 360 MteCO2e/year.
Also included in the plan is cutting 50% carbon intensity in saleable BP products, measuring methane at all of BP’s major oil and gas processing sites by 2023 and reducing methane intensity of operations by 50%, and increasing the proportion of investment into non-oil and gas businesses over time.
BP also aims to influence net zero worldwide by taking a more active advocacy for policies that support net zero. This will include carbon pricing, incentivizing BP’s workforce to deliver aims and advocate for net zero, setting new expectations for relationships with trade associations, and aiming to be recognized as a leader for transparency of reporting including supporting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). A new team will be launched to help countries, cities, and large companies decarbonize.
BP’s existing and largely autonomous business segments – upstream and downstream – will be dismantled and reorganized globally into a more focused and integrated entity, comprising 11 teams: four business groups to deliver performance and value growth, three to maximize opportunities, and four to support business delivery. The heads of these teams will make up BP’s new leadership team.
BP intends to host a capital markets day in September at which the leadership team will set out more information on the net zero strategy and near-term plans.