Release date: 7 June 2019
A fast-paced energy transition is not just good for the world, it is good for BP and its shareholders.
That’s the view BP chairman Helge Lund shared in an opinion piece for the Financial Times, published on the morning of our AGM on 21 May. At the meeting, shareholders voted overwhelmingly for a resolution that will help to show how BP’s strategy is consistent with the Paris climate goals.
Resolution 22, proposed by members of investor group Climate Action 100+ and backed by the BP board, was passed with 99.1% of the vote.
The resolution was called ‘a blueprint for others to follow’ by Bruce Duguid, head of stewardship for Hermes Investment Management. Writing on behalf of Climate Action 100+ in The Telegraph, he said the success of Resolution 22 marks “a new era of collaboration between investors and companies, working together to find long-term solutions to one of the most challenging and urgent problems for mankind.”
BP Chargemaster will begin installing ultra-fast charging across the country from next month.
The UK’s largest electric car charge point provider will roll out one hundred 150kW units at forecourts by the end of the year and 300 more by 2021.
The announcement was made at BP's Powering the Charge conference, an event that brought together key government and industry figures to share ideas for boosting EV numbers on UK roads. BP's Downstream chief executive opened the packed event.
Tufan Erginbilgic, chief executive of BP’s Downstream business
What do you get if you combine art and economics? Well, in the second of our Energy illustrated series, you get the story of EVs brought to life by our chief economist Spencer Dale, with the help of two professional artists.
How many EVs are on the road and what impact will widespread adoption have on global emissions? Dale explains in under five minutes.
A plane trip across Sweden was dubbed the ‘Perfect Flight’ in May. Not for its in-flight entertainment or comfortable leg room, but for the way it combined the latest in aircraft efficiency and the use of sustainable fuel to cut emissions by almost 50%.
Air BP supplied the fuel for the plane trip and, for the first time, every element in the flight management process was optimized to keep carbon emissions to a minimum. This included using fuel derived from renewable and sustainable raw materials, which will produce 80% fewer emissions over its life-cycle compared with conventional jet fuel.
With aircraft presenting one of the biggest challenges to electrifying mobility, advances in efficiency and the use of sustainable aviation fuel are likely to play a significant role in supporting the industry to meet its ambitious targets of reducing carbon emissions to half 2005 levels by 2050.
We've picked three charts from this year's BP Energy Outlook that highlight the scale of the dual challenge of supplying more energy to improve lives while lowering emissions.
The three charts show:
BP’s Energy Outlook considers the forces shaping the global energy transition out to 2040. Last week, BP's economists unveiled our Statistical Review of World Energy. Instead of looking ahead, this report provides an objective overview of what happened to energy markets in 2018.
The latest data on energy demand and rate of carbon emissions is now online. Head to the Stats Review hub, where you can watch a video about the key findings, read the highlights and download the full report. And look out for the next issue of Advancing energy, where we'll go deeper.
Artificial Intelligence (AI) and its power to disrupt the search for oil and gas was high on the agenda at this year's Offshore Technology Conference.
In his keynote speech to the Houston event, Gordon Birrell, BP chief operating officer for production, transformation and carbon, said to help meet the dual challenge, BP will have to produce energy differently and in a smarter way than in the past. Embracing digital is one of the key pillars to achieving that.
Birrell cited BP’s APEX programme, a simulation and surveillance system that creates a virtual copy of its production systems throughout the world.
“It means every pipe, every valve, every vessel is modelled,” he said. “That allows us to do optimization runs offline. And we can then implement change in the field to maximize value.”
AI company Beyond Limits, in which BP invested $20 million in 2017, showcased how its digital solutions are designed to increase production by thousands of barrels per day.
We’ll be back, when we’ll update you on: