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. Taken collectively, these set out a path that we believe is consistent with the Paris goals.
When we talk about helping the world get to net zero we mean achieving a balance between sources of anthropogenic emissions and removal by sinks of greenhouse gases, as set out in Article 4.1 of the Paris Agreement*.
When talking about bp becoming a net zero company by 2050, or sooner, in the context of our new ambition and aims 1 and 2 , this means achieving a balance between:
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.
We’re aiming to dramatically reduce carbon in our operations and our products while growing new low carbon businesses, products and services.
This will mean tackling around 415 million tonnes of emissions – around 55 million from our operations and 360 million tonnes from the carbon content of our upstream oil and gas production. Importantly, these are absolute reductions to net zero, which we believe is what the world needs most of all. We are also aiming to cut the carbon intensity of the products we sell by 50% by 2050 or sooner.
Our aim 3 is to cut the carbon of the products we sell by 50% by 2050 or sooner.
This is a life cycle carbon intensity approach, per unit of energy. It covers marketing sales of energy products and potentially, in future, certain other products, for example, associated with land carbon projects (79.3gCO2e/MJ in 2019).
Our aim 4 is to install methane measurement at all our existing major oil and gas processing sites by 2023, publish the data, and then drive a 50% reduction in methane intensity of our operations.
And we will work to influence our joint ventures to set their own methane intensity targets of 0.2%.
We’ll advocate for policies that support net zero, incentivize and mobilize our global workforce behind us, and reset our relationships with trade associations.
We’ll work with cities and corporates to help them achieve their decarbonisation goals and become a recognized industry leader for the transparency of our reporting.
Our aim 6 is to more actively advocate for policies that support net zero, including carbon pricing.
We have stopped corporate reputation advertising campaigns and this is enabling us to redirect resources to promote well designed climate policies. In future, any corporate advertising will be to push for progressive climate policy; communicate our net zero ambition; invite ideas; or build collaborations. We will continue to run recruitment campaigns and advertise our products, services and partnerships – although we aim for these to increasingly be low carbon.
Our aim 7 is to incentivize our global workforce to deliver on our aims and mobilize them to become advocates for net zero. This will include continuing to allocate a percentage of remuneration linked to emissions reductions for leadership and around 28,0001 employees.
Our aim 8 is to set new expectations for our relationships with trade associations around the globe.
We will make the case for our views on climate change within the associations we belong to and we will be transparent where we differ. And where we can’t reach alignment, we will be prepared to leave.
Our aim 9 is to be recognized as an industry leader for the transparency of our reporting.
On 12 February 2020, we declared our support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We intend to work constructively with the TCFD and others – such as the Sustainability Accounting Standards Board – to develop good practices and standards for transparency.
Find out more about our approach to reporting, including our ESG datasheet, HSE charting tool, reporting standards and frameworks, materiality assessment and TCFD disclosures
Our reporting centre brings together all of our key reports, policies and performance data, including our annual report and ESG datasheet