Our aims
Our purpose is reimagining energy for people and our planet
Net Zero by 2050
Our ambition is to be a net zero company by 2050 or sooner. And to help the world get to net zero. This will mean tackling around 415 million tonnes of emissions – 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 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.
“The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero”
Bernard Looney, chief executive officer
Our ambition is supported by ten aims
Five aims to become a net zero company
1
Getting to net zero across our entire operations on an absolute basis by 2050 or sooner
2
Getting to net zero on an absolute basis from our Upstream production by 2050 or sooner
3
50% reduction in carbon intensity of the products we sell by 2050 or sooner
4
Measurement at all our major oil and gas processing sites by 2023, transparent reporting and 50% reduction in our operated methane intensity
5
Increase proportion of investment into non-oil & gas
Five aims to help the world meet net zero
6
Stop corporate reputation advertising and redirect resources to active advocacy for progressive climate policies
7
Incentivize employees to deliver on our aims and advocate for net zero by increasing climate element in annual bonus for leadership and 37,000 employees
8
Reframe relationships with trade associations and exit when appropriate
9
Become a recognised leader in transparency for our sector – support Task Force on Climate-related Financial Disclosures (TCFD) recommendations and work to implement them
10
Create a team dedicated to helping countries, cities and corporations around the world decarbonize
“The direction is set. We are heading for net zero. There is no turning back”
Bernard Looney, chief executive officer
To deliver our net zero ambition, we are
Reimagining energy for our people and our planet
- Reducing carbon in our operations
- Growing new low carbon businesses, products and services
- Actively advocating for progressive climate policies
Reinventing bp
- A fundamental reorganization – possibly the most wide-ranging in over a century
- Breaking down silos and delayering
- Increasingly agile and highly integrated
- Digital at the heart of our business
- Empowering and supporting our teams
Performing while transforming
- Safe and reliable operations at the core of all we do
- Continuing to grow sustainable free cash flow and distributions over the long term
- Maintaining a strong financial frame, including cost and capital discipline and deleveraging
