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Getting to net zero

We’ve set five aims to get bp to net zero by 2050 or sooner and five aims to help the world get there too

Getting to net zero

In February 2020 we set out our ambition to be a net zero company by 2050 or sooner and to help the world get to net zero. This ambition is supported by 10 aims: five to help us become a net zero company, and five to help the world meet net zero.


We believe that our net zero ambition and aims, taken together, set out a path for bp that is consistent with the goals of the Paris Agreement.


In February 2022, we provided an update on our progress against our three strategic focus areas: resilient hydrocarbons, convenience and mobility and low carbon energy. This progress, combined with our confidence in the business opportunities of the energy transition, has enabled us to accelerate two of our net zero aims.

 

  • For aim 1, which encompasses our Scope 1 and 2 emissions from our operations, we now aim to reduce emissions by 50% by 2030, compared with our previous aim of 30-35%, on the way to being net zero by 2050 or sooner.
  • For aim 3, we are aiming to reduce to net zero the lifecycle emissions for energy products we sell by 2050 or sooner – up from the previous aim of a 50% reduction in their average emissions intensity. This aim now includes physically traded energy products and marketed sales. For 2030 we are now aiming for a 15-20% reduction in the lifecycle carbon intensity of these products against the 2019 baseline.

Climate change and the energy transition

The world needs a rapid transition to net zero. To meet the goals of the 2015 Paris ‎Agreement we believe society must take decisive and collective action. We believe ‎companies that have begun a process of transformation to net zero, as bp has, will be ‎critical in delivering the opportunities presented by the energy transition and ‎achieving these goals.

Bernard Looney, chief executive officer

Why net zero matters

The world’s carbon budget is finite and running out fast; we need a rapid transition ‎to net zero. We all want energy that is reliable and affordable, but that is no longer ‎enough. It must also be cleaner. To deliver that, trillions of dollars will need to be ‎invested in replumbing and rewiring the world’s energy system. It will require nothing ‎short of reimagining energy as we know it.‎ This will certainly be a challenge, but also a tremendous opportunity. It is clear to me, ‎and to our stakeholders, that for bp to play our part and serve our purpose, we have ‎to change. And we want to change – this is the right thing for the world and for bp.Bernard Looney,chief executive officer