As bp works to become a net zero company by 2050 or sooner, we are working with the wider shipping industry towards net zero shipping solutions that can transform and connect a greener, global energy market.
bp is researching, developing, and looking to adopt a range of biofuels and other lower carbon alternatives, including hydrogen, ammonia-based and LNG. We are increasingly using these alternative fuels on our operated vessels and are establishing supplies for marine customers in key ports to grow our supply network as markets evolve. At the same time, we are pioneering new fuels and developing an LNG bunkering network. Bunkering allows us to provide liquefied natural gas fuel to a ship for its own consumption.
Focusing on our owned and operated fleet, bp has invested in advanced technologies that give us detailed data about vessel performance as it relates to fuel consumption and emissions. As a significant charterer, with over 200 vessels typically on charter at any one time, we are also working to improve the monitoring of third-party vessels to establish a framework for reducing emissions over time.
In line with our net zero ambitions, we are reducing methane intensity within our shipping operations with an aim to reduce the methane intensity of our operated LNG carriers by 20% by 2030, and 50% by 2050. Measurement is at the core of our strategy, and we are currently working to equip our vessels with methane monitoring equipment to identify and quantity methane emissions in real time.
bp is proud to work with a number of like-minded partners to influence, enable and accelerate the reduction of emissions in the shipping industry.