We are investing at least $500 million a year to support low carbon activities, including our renewables businesses and acquisitions. Around $200 million of this is used to develop options for new lower carbon businesses in five areas that are core to our strategy for advancing the energy transition. These are areas we believe have the potential to make a real contribution to our future and build resilience in existing operations.
We look for opportunities in advanced mobility across the broad themes of new mobility models, electric vehicles, batteries and charging. As part of this, we are investing in technologies to help meet the changing needs of customers across our global network of retail sites.
Our investment in FreeWire is helping us respond to demand for electric charging facilities on our forecourts. We successfully piloted the company’s mobile rapid charging systems at one of our UK retail sites and are now exploring options to offer FreeWire’s charging services elsewhere.
We’ve invested in StoreDot, a start-up that is developing ultra-fast-battery charging technology for the mobile device and industrial markets. We expect the technology to be used in mobile devices by 2020 and will be working with StoreDot to bring this technology to electric vehicles. The company aims to reduce charging times to five minutes – almost as quick as filling a car’s tank.
Demand for lower carbon fuels, industrial materials and other products is growing. The airline industry, for example, has ambitious carbon reduction targets – pledging to cut its emissions in half by 2050, despite anticipated growth in air travel.
We invest in Fulcrum BioEnergy, which is constructing the US’s first commercial scale waste-to-fuels plant. The facility will incorporate technology developed by BP and Johnson Matthey to help convert household waste, that would otherwise be sent to landfill, into fuel for transport.
We work with organizations that aim to reduce the amount of carbon dioxide released into the atmosphere and apply carbon capture, use and storage.
We invest in Carbonfree Chemicals, which has developed technology to capture carbon emissions from industrial processes and turn them into chemicals that can be used to make household products, such as baking soda. We also invest in Solidia Technologies which has developed technology that has the potential to reduce the carbon footprint of concrete by capturing and storing CO2 and by using less energy in production.
As one of the world’s largest carbon traders, we help to enable emissions reduction projects that allow businesses and other organizations to offset their carbon footprint. A fifth of the world’s greenhouse gas emissions are now covered by carbon pricing systems and we anticipate further growth in this area.
Natural climate solutions are a means of capturing and storing carbon emissions through natural carbon sinks, such as forests and peatlands. Stopping deforestation, protecting natural carbon sinks and restoring habitats can help to reduce CO₂ in the atmosphere.
Digital technologies have the potential to transform the way we work and how we respond to our customers’ changing needs. With the pace of change increasing, it is essential to spot the next waves of opportunity and digital developments. Our focus includes blockchain, robotics and cognitive computing – as demonstrated by our investment in artificial intelligence company, Beyond Limits.
Digital platforms can simplify how people access transport solutions. Our investment in Chinese company, PowerShare, supports its work to simplify the charging experience for customers by connecting electric vehicle drivers, charge point operators and power suppliers through its online platforms. And we’ve invested in Drover, which has developed a virtual marketplace for car sharing that is helping to connect people to a network of rental companies and other fleet partners with under-used vehicles, reducing the need for new vehicles on the road.
Our Energy Outlook suggests that, if recent trends continue, three quarters of the growth in world energy demand over the coming decades is in the power sector. New technologies are shaping the way that energy is consumed and managed.
We invest in Voltaware, a company that has developed a monitoring system to track energy consumption. Voltaware sensors relay real-time information from individual appliances to a smartphone, so users can adjust their electricity usage, improve efficiency and reduce costs.
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