That’s why BP is investing in this company and many others, so we can learn fast and scale up where we can.
We plan to invest around $200 million every year to help incubate and grow lower carbon solutions. This is all part of our near-term plan to allocate at least $500 million a year for low carbon activities, which also includes our renewables businesses and acquisitions.
We view these activities as core to our strategy – with the potential to make a real contribution to our future.
With the world needing oil and gas for much of its energy for decades to come – possibly 40% of all energy used in 2040 – we are investing in ways to reduce the amount of carbon dioxide that is emitted into the atmosphere.
We are one of the world’s largest carbon traders and we are making investments that help businesses and other organizations offset their carbon footprint through emission-reducing projects.
See Carbon offsetting for more on our carbon trading activities.
Cement production accounts for 5-7% of total global carbon emissions. We’ve invested in Solidia, which uses technology to produce lightweight concrete in a way that can reduce its carbon footprint by up to 70%.
By 2040 over 30% of kilometres travelled by passenger cars could be powered by electricity. And we think more and more people will take advantage of ride sharing and car pooling.
We are partnering with FreeWire, which develops smart battery systems for fast charging of electric vehicles. And, we are piloting charging points at retail sites from the US to Europe and New Zealand.
We’re investing in Peloton, whose technology enables two or more trucks to travel closely but safely together. This reduces aerodynamic drag, generating savings in fuel use and carbon emissions.
There is increasing demand for lower carbon versions of fuels, industrial materials and other products. The aviation industry, for one, expects a growth in air travel but is pledging to cut its emissions in half by 2050.
Our partner Fulcrum BioEnergy has developed a jet fuel made from household waste that has 20% of the carbon footprint of its conventional equivalent. We will distribute and supply biojet into aircraft at key hubs across North America.
We’re working with Tricoya to produce a less carbon-intensive alternative to concrete, metals and plastics. Using acetylation to change the chemical properties of wood, we can create a weather-resistant construction material that does not swell or shrink.
Nearly two thirds of the projected growth in world energy demand over the coming decades could come in the form of electricity.
BP is looking at ways to meet customers’ power and storage needs, for example through developing advanced battery technology.
Artificial intelligence, faster data processing and other digital technologies have great potential for increasing efficiency and driving down emissions.
Castrol’s joint venture with Onyx InSight provides engineering and software services to wind farm operators so that they can monitor the condition of wind turbines and avoid breakdowns.
Playing a key role in tackling the dual challenge of meeting the world’s need for more energy, while at the same time reducing carbon emissions