bp response to the Transition Pathway Initiative’s briefing paper on ‘Carbon Performance of European Integrated Oil and Gas Companies’
What the world needs to meet the Paris goals are absolute reductions in emissions to net zero. That is why bp is aiming for absolute net zero emissions from all our operations and all our upstream oil and gas production by 2050 or sooner. If this were to happen to every barrel of oil and gas produced, the emissions problem for our sector would be solved.
TPI’s analysis focuses on carbon intensity. We do not believe that carbon intensity alone is a reliable single measure of progress towards the Paris goals. This is because it can fall even if absolute emissions remain flat, or even grow.
We believe that the 10 aims that support bp’s net zero ambition - of which our carbon intensity aim is only one – together set out a path consistent with the Paris goals.
We will continue to engage with TPI and other stakeholders to help provide comparability and transparency around these issues.
How bp is aiming for net zero