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Our transformation

We aim to be a very different kind of energy company by 2030 as we scale up investment in low carbon, focus our oil and gas production and make headway on reducing emissions. Our strategy kickstarts a decade of delivery towards our #bpNetZero ambition

From IOC to IEC

After more than a century defined by two core commodities – oil and gas – we are pivoting from an ‎international oil company producing resources to an integrated energy company delivering solutions for ‎customers.‎


Our ambition is to become a net zero company by 2050 or sooner and to help the world get to net zero. Our ‎strategy will reshape our business as we decarbonise and diversify into different forms of energy, such as renewables, biofuels ‎and hydrogen. Oil and gas will get smaller over time but will remain an important part of bp.‎


We bring with us more than 100 years of experience steeped in the world of energy. We want to move fast ‎but will do so with real discipline and care – keeping our focus on safety and performance while we transform, ‎delivering long-term value for all our stakeholders.

‎‘‎Our strategy‎’‎ ‎–‎ graphic

Strategy – turning ambition into action

Building on our purpose, together with our beliefs about the future of energy systems and changing customer ‎demands, our strategy is built on three focus areas of activity (the verticals) and three distinctive sources of ‎differentiation (the horizontals), from where we believe we can amplify value.‎

“We believe our new strategy provides a comprehensive and coherent approach to turn our net zero ambition into action. This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone.”
Bernard Looney

Bernard Looney, chief executive officer

Within 10 years, bp aims to be a very different kind of energy company

The cash generated by hydrocarbons will be key to supporting the transition into our two growth areas – low electricity and energy, and customer convenience and mobility

 

We expect to be directing 40% or more of our investment into these areas by 2030. 

 

We will do this with a relentless focus on financial discipline, by:

  • increasing investment in low to around $5 billion a year – a 10-fold increase on the $500 million we ‎invest today
  •  having developed around 50GW of net renewable energy generating capacity – a 20-fold increase on the ‎‎2.5GW we have developed so far
  • capturing 10% share in core hydrogen markets – compared with supplying small volumes to our own ‎operations
  • ‎producing 100,000 barrels a day of bioenergy – up from 22,000 today
  • doubling our daily customer interactions to 20 million – up from 10 million
  • providing 70,000 electric vehicle charging points – up from 7,500 today
  • building energy partnerships with 10 to 15 big cities around the world and three core industries

  • reducing our oil and gas production by over 40% and no exploration in new countries
  • cutting operational emissions by 30-50%
  • reducing the emissions associated with the carbon in our upstream oil and gas production by 35-40%.‎

Transformation in action

Our sustainability frame

Our sustainability frame underpins our strategy and puts our purpose into action. It helps us to think about sustainability holistically and concentrate our efforts and resources where we believe we can make the most difference.
 

The frame includes our net zero ambition and aims, and our wider approach to environmental and social issues.

  • Three focus areas – net zero, people and planet – include prioritised themes linked to the UN Sustainable Development Goals
  • Aims and objectives – we've set aims for each of our three focus areas:‎
    • 10 aims to get bp to net zero and help the world get there too‎
    • ‎5 aims to care for our planet‎
    • ‎5 aims to improve people’s lives.‎
  • Embedding into our DNA – we plan to actively drive the sustainability frame through our operating ‎model, our governance and our culture
  • External collaborations – we plan to continue the search for partnerships that can help us drive progress, ‎provide skills we may not have, and help us to shape the future together.‎
“So, in the years ahead, bp is going to significantly scale-up our low carbon energy business and transform our mobility and convenience offers. We will focus – and reduce – our oil, gas and refining portfolio. And, as we drive down emissions on our route to net zero, we are committed to continuing to deliver long-term value for all stakeholders.”

Bernard Looney, chief executive officer

Performing while transforming

As we reinvent bp for a lower carbon future, we remain committed to delivering for the millions of people who ‎depend on us  ̶  our customers, partners, suppliers, employees and investors – and the cities and countries ‎with whom we work.‎


We are demonstrating that we can deliver financial returns for our investors while at the same time – step by ‎step – transitioning bp. This is the definition of ‘performing while transforming’.

 

Throughout our transformation, our commitment to safety is and will remain our core value, permeating everything we do. Fundamentally, it’s about care – caring for one another, caring for our company, and caring for the communities in which we operate.

Multi-level highway interchange, viewed from above

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