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BP Annual Review 2003
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Introduction
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Performance highlights
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Chairman's letter
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Group chief executive's review
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It starts here
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Financial performance
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Business performance
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Environmental and social performance
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Summary accounts
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Summary corporate governance
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Summary directors' remuneration report
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Board of directors
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Annual general meeting and information for shareholders
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Further information
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 BP and the environment
BP was the first major oil company to state publicly that the risks of climate change were serious and that precautionary action was justified. While uncertainties remain, we believe business planning and long-term strategy should be based on the need to stabilize atmospheric concentrations of greenhouse gases (GHGs).

In 2001, BP achieved its first GHG target – to lower operational emissions by 10% from 1990 levels. We then set a new target for 2012 – to maintain net emissions at 2001 levels through more efficient operations and cleaner products offering improved fuel efficiency. In 2003, operational emissions of 83.4 million tonnes (Mte) were 1Mte higher than 2002. Since 2001, operational efficiencies have already achieved 3.3Mte of sustainable reductions. Given that the scale of customer emissions from use of BP's products is much greater than our operational emissions, we now intend to demonstrate how cleaner products are reducing emissions. Overall, we remain confident that we are on track to meet our new target.

BP recognizes the need to protect and conserve sensitive areas that house the rich biodiversity of our planet. We will only work within or close to sensitive areas if we believe we can properly manage any risks to the environment. During 2003, after consultation and publication of an Environmental and Social Impact Assessment (ESIA), an access road and exploration well site were constructed within a national park in Bolivia, which has been designated as a World Conservation Union (IUCN) category I area. In 2002, after extensive consultation, an ESIA was also published for the Baku-Tbilisi-Ceyhan (BTC) pipeline. The pipeline has been routed through a managed reserve in Georgia, which was listed for IUCN category IV designation during 2003. Our website details all known IUCN category I to VI areas where we have facilities.

By the end of 2003, 99% of our major operations had been independently assessed for certification to the ISO 14001 international standard on environmental management. This system drives continuous performance improvement at our sites to reduce air emissions, water discharges and accidental releases, including oil spills to sea or land.

Our own shipping fleet transports significant volumes of oil, gas and chemicals around the world. To mitigate the risks of major spills, we are undertaking a fleet renewal programme. At the end of 2003, our fleet numbered 28 oil tankers, with an average age of three years (25 are double-hulled; three are double-sided), and eight gas ships, with an average age of six years. Where we charter additional vessels, they are rigorously examined prior to use.




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