A COP of action that results in agreements leading to global renewables capacity growing and decarbonization of the energy sector accelerating – as called for by the COP28 Presidency – will surely speed up progress towards the Paris goals. It would also support our own transition plans.
Today, most of the world’s energy comes from oil, gas and coal and bp is mostly an oil and gas producer. That is changing. In 2020, we introduced a new strategy to diversify and decarbonize to become an integrated energy company, while continuing to serve today’s energy needs, and we set our ambition to be a net zero company by 2050 or sooner and to help the world get to net zero*. We are growing new lower carbon businesses – including in bioenergy, EV charging, renewables & power, and hydrogen – and making progress on the near-term emissions reductions targets we set as part of our net zero ambition. And, we are also working and forming partnerships to support decarbonization in other sectors.
For the world to meet the Paris goals, it will take action from governments, companies and societies around the world. It will take collaboration, and all voices being heard. We fully recognize that bp’s transformation depends on the support of many others – those who enact low carbon policies and regulations; who invest in us; who work and partner with us; and who buy our products, as well as wider society. So, we welcome the COP Presidency’s call for a truly inclusive COP – bringing together everyone from the young to indigenous peoples to businesses and many others, as well as governments, all in support of actions that can deliver a comprehensive transformation.
In addition to global collaboration, we know that it takes strong leadership to accelerate action on the transition. We applaud the focused and practical leadership the UAE is bringing to COP28. This is underpinned by the UAE’s experience over many years investing in low carbon infrastructure and energy worldwide, and by its national drive to net zero emissions by 2050. As chief executive of the Abu Dhabi National Oil Company (ADNOC) and chairman of Masdar, one of the world’s most innovative renewables companies, Dr Sultan Al Jaber has a prominent role in the UAE’s energy transformation. As COP28 President-designate, and then President, he is pivotal to global climate action.
He has challenged our sector to ‘decarbonize quicker, future-proof sooner, and create the energy system of the future sooner’. In this we offer the UAE and the COP28 President our support, and we urge others to do so, too.
bp chief executive