Our Sustainability Report is released at a time when the world is fighting against Coronavirus. We, like many, are doing everything we can to step up and help, fulfilling our purpose to make a difference to people’s lives and to the planet.
But, while we strive to answer the most pressing problem of today, we never lose sight of the commitment we have made to tomorrow’s world and to becoming a net zero company. We don’t intend to change course.
The report covers the key factors driving BP – like the net zero ambition, climate change, safety and our value to society. It also gives a breakdown of important topics like human rights, ethics, and how we are supporting the UN Sustainable Development Goals.
Here, we list nine examples of our work in….
BP’s target to deliver 3.5 million tonnes of sustainable greenhouse gas emissions reductions (SERs) for the period 2016 to 2025 has been exceeded, six years ahead of schedule.
BP’s new Net Zero Operations aim, which relates to Scope 1 and Scope 2 GHG emissions, is to be net zero across our entire operations on an absolute basis by 2050 or sooner.
Since 2018, methane intensity has reduced from 0.16% to 0.14% in 2019.
And BP is going further with its Reducing Methane aim to install methane measurement at all its existing major oil and gas processing sites by 2023, publish the data and then drive a 50% reduction in methane intensity of its operations.
Aiming to inspire every part of BP to identify low carbon opportunities, BP’s Advancing Low Carbon programme, set up in 2017, continues to do just that, with 76 accreditations or reaccreditations of 2019 activities – up from 52 in 2018.
Each activity supports one of BP’s low carbon ambitions – reducing operational emissions, improving its products, or creating low carbon businesses.
In the UK, employees responded positively to the ‘My Advancing Low Carbon’ programme launched in 2019, through which they can offset their carbon emissions from personal travel and home energy use.
BP linked the annual cash bonus for around 37,000 employees to its SERs target in 2019. To incentivize its global workforce to deliver on our new aims and become advocates for net zero, BP has now increased the percentage of remuneration linked to SERs.
BP has been in renewables for more than 20 years, with major interests in solar development, electric vehicle charging and sustainable biofuels, and in line with the company’s aims, the proportion of investment into non-oil and gas businesses is set to increase.
The company currently invests at least $500 million a year to support low carbon activities, including renewables businesses and acquisitions. Around $200 million of this is used to develop options for lower carbon businesses in five areas: advanced mobility; bio and low carbon products; carbon management; digital transformation; and storage.
BP recognizes the importance of creating social value in ways that are compatible with the energy transition and makes a significant contribution to societies around the world as an energy provider, employer, taxpayer, supply chain participant and investor in local communities.
In 2019, BP developed and published the BP labour rights and modern slavery principles.
At the Port Klang lubricants plant in Malaysia, a 2017 audit identified issues relating to labour rights of foreign workers employed by third-party service contractors.
These issues have since been resolved by positive and effective action.
In 2019, BP received recognition for progress on diversity and inclusion from many external organizations, including:
Bernard Looney, BP chief executive