Technological innovation underpins our efforts to make our operations and products more efficient and sustainable
New technologies will help pave the way to a lower carbon future. We monitor selected technologies - particularly those aligned with BP’s expertise.
Over the past decade, we have invested in start-up companies to help accelerate development and commercial viability of certain technologies. To date, we have invested around $300 million in over 40 venture start-ups and funds, which has enabled a further $2 billion in external equity investments and grants from other sources. In 2016, we deployed seven technologies within our own assets.
Around half of our venturing investments focus on low carbon solutions. For instance, Tricoya Technologies uses a process that alters the chemical structure of wood chips. This creates a more durable building material with increased thermal insulation and the ability to repel water. It also avoids carbon dioxide (CO2) emissions when used as a substitute for non-wood based building products.
Meanwhile, Solidia’s technology has the potential to reduce the carbon footprint of concrete production between 30-70%. And, Lightning Hybrids has developed a hydraulic hybrid system for delivery trucks that, combined with Castrol hydraulic fluids, is designed to save fuel and reduce nitrogen oxide emissions.
Carbon capture, use and storage
Implementation of carbon capture, use and storage (CCUS) technology could enable continued large-scale use of fossil fuels in a tightly carbon-limited world. For CCUS to become a reality there needs to be a stable policy framework and a commercially viable business model.
We are working with the Oil and Gas Climate Initiative to help speed up wide-scale use of CCUS. This is one of the focus areas for the initiative’s $1 billion investment vehicle dedicated to the development of low emissions technology.
BP has already built capability in CCUS technology through demonstration projects such as the In Salah CO2 joint venture project in Algeria. And through research and investment by the CO2 Capture Project, which is piloting technology and demonstrating secure geological containment.
Testing out new energy frontiers
BP is partnering with others to understand and develop solutions for the future.
- Sustainable mobility.
- Carbon management.
- Power and storage.
- Digital energy.
Our Carbon Mitigation Initiative partnership
For the past 16 years, we have been working closely with Princeton University in the US on a research programme that aims to identify the most credible methods of capturing and storing a significant proportion of the world’s carbon emissions from fossil fuels. Read more...