To ensure that as our business grows, our carbon footprint does not, we’ll offset any increase in our operational greenhouse gas (GHG) emissions above 2015 levels that’s not covered by our sustainable reductions activity. We consider carbon offsetting a valuable supplement to our own emissions reduction activities and, more widely, as essential for society’s efforts to reach the Paris goals.
Our operating businesses aim to deliver this through improved energy efficiency, fewer methane emissions and reduced flaring – all leading to permanent, quantifiable GHG emissions reductions.
We only count a sustainable emissions reduction in the year it occurs, but we expect the benefit of the reduction to continue in later years too.
This target refers to the amount of methane emissions from BP’s upstream oil and gas operations as a percentage of the gas that goes to market from those operations. Our methodology is aligned with that of the OGCI.
We are pursuing or considering lower emission opportunities across the various stages of the gas value chain. This could include:
We are improving our products to help consumers lower their emissions. We provide customers with fuel for transport, energy for heat and light, lubricants to keep engines moving and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging.
Many of our products and services have been accredited with our Advancing Low Carbon programme.
We have carbon offsetting programmes to enable individuals and business customers reduce their carbon footprint.
We’ve developed more than 20 carbon neutral products and services through the use of advanced technology and our Target Neutral offsetting programme.
We’re also looking at ways to help our national partners navigate the energy transition – through our natural gas, renewables, solar and offsetting businesses.
We are improving our products to help consumers lower their emissions. We have accredited many of our products and services through our Advancing Low Carbon programme.
We offer customers the opportunity to offset their carbon emissions through BP Target Neutral, which invests in emissions reduction programmes such as forest conservation in Zambia and biomass power in India. Each project is selected by an independent panel.
To date we’ve developed more than 20 carbon neutral products and services to help our customers reduce their impact.
BP has been in the renewables business for more than 20 years – we’re one of the largest operators among our peers and we’re expanding our renewables business as we see more opportunities. Our focus areas are biochemicals, biofuels, biolubricants, biopower, wind and solar.
We also plan to invest around $200 million every year to develop options for new lower carbon businesses across five areas that are core to our strategy for advancing the energy transition: advanced mobility; bio and low carbon products; digital transformation; and low carbon power and storage.
Our near-term plan is to allocate at least $500 million a year for low carbon ventures and renewables.
The $500 million includes the $200 million for low carbon solutions, with the balance going towards our renewables businesses and acquisitions. This does not include money spent on operational emissions reduction activities and research into more efficient products and operations.
The Oil and Gas Climate Initiative – currently chaired by our group chief executive Bob Dudley – brings together 13 oil and gas companies to increase the ambition, speed and scale of the initiatives undertaken by its individual companies to help reduce manmade GHG emissions, in particular from the production and use of oil and gas in power, heating, industry and transport.