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Five aims to get bp to net zero

We have set five aims to get to net zero by 2050 or sooner

Five aims to get bp to net zero

We are aiming to be net zero across operations, production and sales. By 2050 or sooner, we aim to get to net zero:

 

  • across our entire operations (Scope 1 and 2)
  • for the carbon in our upstream oil and gas production (Scope 3)
  • for the carbon intensity of the energy products we sell (full value chain).
Aim 1: net zero operations

Aim 1: net zero operations

 

Be net zero across our entire operations on an absolute basis by 2050 or sooner. This aim relates to our Scope 1 (from running the assets within our operational control boundary) and Scope 2 (associated with producing the electricity, heating and cooling that is bought in to run those operations) GHG emissions.

These emissions were around 55MtCO2e in 2019. We are targeting a 20% reduction in our aim 1 operational emissions by 2025 and will aim for a 50% reduction by 2030 against our 2019 baseline. The 2030 aim was updated from 30-35% to 50% in February 2022.


We made further progress against our operational emissions reduction targets in 2021. Our combined Scope 1 and Scope 2 emissions, covered by aim 1 were 35.6MtCO2e, a decrease of 35% from our 2019 baseline of 54.4MtCO2e. The total decrease of almost 19MtCO2e includes 14.7MtCO2e in divestments and 2.6MtCO2e in sustainable emission reductions (SERs)b. Compared with 2020 (45.5MtCO2e), Scope 1 and 2 emissions in 2021 decreased by 22%.

b SERs result from actions or interventions that have led to ongoing reductions in Scope 1 (direct) and/or Scope 2 (indirect) greenhouse gas (GHG) emissions (carbon dioxide and methane) such that GHG emissions would have been higher in the reporting year if the intervention had not taken place. SERs must meet three criteria: a specific intervention that has reduced GHG emissions, the reduction must be quantifiable and the reduction is expected to be ongoing. Reductions are reportable for a 12-month period from the start of the intervention/action.
Aim 2: net zero oil and gas

Aim 2: net zero production

 

Be net zero on an absolute basis across the carbon in our upstream oil and gas production by 2050 or sooner.


This is our Scope 3 aim and is based on bp’s net share of productiona (around 361MtCO2 in 2019). It is associated with the CO2 emissions from the combustion of upstream production of crude oil, natural gas and natural gas liquids (NGLs). We are targeting a 20% reduction by 2025 and will aim for 35-45% by 2030 against our 2019 baseline.

Becoming net zero on an absolute basis across the carbon in our upstream oil and gas production is in part linked to reducing oil and gas production, which we expect to reduce by around 40% by 2030, against our 2019 baseline. We are taking action to achieve this through portfolio management, including divestments. We are also developing decarbonization strategies for the future, including the potential use of sinks such as carbon capture use and storage, which in future, we intend to allow for in our methodology to support this aim.


Since 2019, estimated Scope 3 emissions have reduced by 16%. We are on track to meet our 2025 target of a 20% reduction against our 2019 baseline.

a Excluding bp’s share of production in Rosneft. On 27 February 2022, following the military action in Ukraine, the bp board announced that bp intends to exit its 19.75% shareholding in Rosneft Oil Company (Rosneft).
Aim 3: halving intensity

Aim 3: net zero sales

 

Our aim 3 is to reduce to net zero the carbon intensity of the energy products we sell by 2050 or sooner.


This is a lifecycle carbon intensity approach, per unit of energy. This aim relates to the intensity of GHG emissions estimated on a lifecycle basis from the use, production, and distribution of energy products per unit of energy (MJ) delivered.

For the 2019 to 2021 reporting years, it covers marketing sales of energy productsa (79gCO2e/MJ in 2019). As updated in February 2022, the scope of aim 3 for future reporting years is expanding to include marketed and physically traded sales of energy products.  As our sales-based emissions metric, it is customer focused and reflects our low carbon energy sales as well as our fossil fuel sales. It measures the evolution of that product mix over time of both our marketed sales and physical trades of energy products.


In 2021, the average carbon intensity of bp’s marketing sales of energy products remained at 79gCO2e/MJ, as in 2019 and 2020. We are continuing to invest in activities that will decarbonize our business in the future. Reducing the carbon intensity of the products we sell is directly linked to growing the size of our low carbon businesses and providing products with lower lifecycle emissions. Our investments in low carbon as part of aim 5 have increased from around $750 million in 2020 to nearly $2.2 billion in 2021.

a Please see the basis of reporting for the list of energy products covered at bp.com/basisofreporting.
Aim 4: reducing methane

Aim 4: reducing methane

 

Our aim 4 is to install methane measurement at all our existing major oil and gas processing sites by the end of 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%.

Our methane emissions intensity is currently calculated using a generally accepted industry methodology and, while it reflects progress in reducing intensity, it will not directly correlate with progress towards delivering our 2025 target, which is based on our new measurement approach.


Our methane intensity in 2021 was 0.07%, an improvement from 0.12% in 2020. Methane emissions from upstream operations, used to calculate our intensity, decreased by 40% to around 43.0kt, from 71.6kt in 2020. This continues a declining trend in absolute upstream methane emissions since 2016, when we reported 111kt.

*We aim to have our new measurement approach in place by the end of 2023.
Aim 5: more $ for new energies‎

Aim 5: more $ for new energies‎

 

Our aim 5 is to increase the proportion of investment we make into our non-oil and gas businesses. Over time, as investment goes up in low and zero carbon, we see it going down in oil and gas.


As we continue towards our net zero ambition, we target increasing our low carbon investment to $3-4 billion per year in 2025 and aim to increase it to at least $5 billion per year in 2030. In 2021, low carbon capital expenditure increased from around $750 million in 2020 to nearly $2.2 billion. This is due to our continuing acceleration in offshore wind and solar as well as advancing mobility with a bolder ambition in electrification.