bp’s aim 6 is to more actively advocate for policies that support net zero, including carbon pricing.
Carbon pricing makes energy efficiency more attractive and makes low carbon solutions, such as renewables and carbon capture, use and storage, more cost-competitive. bp’s aim 6 is to more actively advocate for policies that support net zero, including carbon pricing.
A fifth of the world’s GHG emissions are now covered by carbon pricing systems.
Stable and well-designed carbon pricing adds a cost to energy production and energy products, but it also provides a basis for future investment and a level playing field for all energy sources.
In the US, we support cap and invest programmes because we believe well-designed carbon pricing provides everyone incentives to help reduce emissions. Learn more about the policies and why we support them.
At a global level, we are working with our peers and other companies, governments and civil society to help support the expansion of carbon pricing through the Carbon Pricing Leadership Coalition. And we are a founding member of the US-based Climate Leadership Council, which is considering a carbon tax that would be returned to citizens in the form of dividends.
We believe that carbon prices need to reach at least $100/£75 per tonne in order to rapidly accelerate the deployment of renewable electricity and support other low carbon opportunities such as hydrogen, CCUS and biofuels to deliver net zero by 2050.
We believe that a well-designed price on carbon – either a tax or a cap-and-trade system – is the most efficient way to reduce greenhouse gas (GHG) emissions.
We aim to increase the proportion of investment we make into our non-oil and gas businesses
Helge Lund, chairman, advocates for carbon pricing, and explains why Carbon Border Adjustment mechanisms may be beneficial for Europe and the world
Our Energy Outlook explains the impact carbon pricing could have on the supply of the most emissions-heavy crudes