Our transformation
We’re transforming bp so we can deliver the secure, affordable, lower carbon energy the world increasingly wants and needs.
We’re in action today, making strides in:
- Bioenergy – to produce more renewable fuels made from waste or plants.
- EV charging – to accelerate the switch to electric vehicles.
- Convenience – to help make everyday life a little easier.
- Renewables & power – that can be used to power millions of homes and businesses with low carbon energy from the sun and wind.
- Hydrogen and carbon capture and storage – to help build the lower carbon energy system of the future.
And we’ll continue to deliver the oil and gas the world depends on today, while aiming to cut emissions.
We’ve made great progress
Renewables pipeline has grown more than 6 times since 2019
Added ~9K EV charging points in a year
Operational emissions down 41%
Oil and gas production emissions down 15%
Bringing secure supplies of new production to the world while working to lower emissions
Growing offshore wind energy from zero to 5.2GW
>10 hydrogen projects kickstarted
Bioenergy production up by 17% since 2019
Serving more customers on the go at around 750 new strategic convenience sites since 2019
Transformation in action
Working in partnership to accelerate change
Tackling climate change cannot be achieved in isolation; it needs everyone to pull together.
That’s why bp is collaborating with exceptional partners – across cities and corporations – on the journey towards net zero. Here are some of our many invaluable partnerships
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Our aim
bp aims to build a portfolio – including a global position in offshore wind – in support of green hydrogen, EV charging and power trading, and grow our solar joint venture Lightsource bp.
We aim to have developed 50GW of renewable generating capacity to FID by 2030 – equivalent to the power needs of 36 million people – with ~10GW net installed.
GW explained
A gigawatt is how we measure the scale of renewables projects.
1GW = 1,000 megawatts = 1bn watts.
Our progress
Our developed renewables to FID and renewables pipeline were 43GW at 4Q 2022, up 10.3GW from 3Q, driven by an increase in onshore wind and solar pipeline in support of hydrogen.
In two years, we grew our offshore wind pipeline to 5.2GW net in two markets through partnerships with Equinor (US) and EnBW (UK).
We’ve completed a deal to lead and operate one of the world's largest planned renewables and green hydrogen energy hubs in Australia, which aims to develop up to 26GW of solar and wind generating capacity.
Renewables share
Over time, as investment goes up in low and zero carbon, we see it going down in oil and gas.
Our 2021 investment increased due to our continuing acceleration in offshore wind and solar, as well as advancing mobility with a bolder ambition in electrification.
Our low carbon investment focus will be on renewables, bioenergy, EV charging, hydrogen, and carbon capture and storage.
Winds of change
We started 2019 with 0GW of offshore wind generating capacity. After successful bids in some of the fastest-growing regions, our offshore wind pipeline is now 5.2GW.
GW explained
A gigawatt is how we measure the scale of our renewable energy projects.
1 gigawatt (GW) = 1,000 megawatts = 1 billion watts.
For example, 1GW of offshore wind power each year in the US provides enough electricity to make 150 billion cups of coffee.
Our aim
bp aims to build a world-class wind energy business.
Offshore wind is growing at around 20% a year globally and recognized as being a core part of the world’s need to limit emissions. That’s why it has a central role to play as we deliver on our strategy.
Our progress
bp and Equinor are jointly developing up to 4.4GW of generating capacity (2.2GW net to bp) through two major lease areas off the US East Coast with the potential to generate power for >2 million US homes.
With our partner EnBW, we are developing Morgan and Mona in the Irish Sea and Morven in the North Sea. Our UK projects have the potential to generate 6GW (3GW net to bp), and could power around 6 million UK homes.
We’re also joining forces with Deep Offshore Wind to develop projects in South Korea.
Powering the hydrogen economy
Hydrogen is set to play a key role in decarbonizing power, industry and mobility. According to the IEA, now is the time to scale up technologies and reduce costs to enable its wider use.
By decarbonizing our operations and developing production hubs for green and blue hydrogen, we plan to provide competitive global supply.
Hydrogen explained
Blue hydrogen is produced from natural gas with the carbon dioxide captured and stored. Green hydrogen is produced by the electrolysis of water using renewable power.
Our aim
We have a solid track record of delivering and operating complex projects on a global scale and own multiple refineries that are ready to be decarbonized.
We aim to build global leadership in low carbon hydrogen, delivering 0.5-0.7mpta of primarily green hydrogen production (net) by 2030.
Our progress
We have a global-scale project hopper of more than 1.8 million tonnes per annum (mpta) of hydrogen production capacity.
We are:
- Progressing projects to deliver low carbon hydrogen to four of our refineries.
- Helping to make Teesside the UK’s first decarbonized industrial cluster.
- Developing plans and partnerships for projects in Abu Dhabi, Australia, Egypt, Europe, Mauritania, Oman, the UK and the US.
Our aim
Convenience is an important part of our transformation. As customers change the way they use our forecourts, our sites will change with them.
To connect more with our customers, we aim to:
- Increase our customer touchpoints from ~12 million a day in 2022 to >15 million by 2025 and to >20 million by 2030.
- Expand our strategic convenience network (sites that have fuel plus food for now and food for later) to ~3,500 by 2030.
Our progress
We’re integrating our fast EV charging experience with our leading convenience offers and services.
We’re:
- Expanding our strategic convenience network, with 2,400 sites globally today – an increase of more than 250 compared to 2021.
- Expanding in growth markets, such as our Jio-bp network or retail stations in India.
- Extending our partnership with Marks & Spencer in the UK.
- Taking our ampm convenience offer to the US East Coast with two new stores in New York City.
Our aim
As cars and fleets move to electric, we’re ready to charge! We have a global chain of retail sites, strategic partnerships with big car brands like VW and a growing charging network.
bp aims to install >100,000 charging points globally by 2030. We expect around 90% to be rapid or ultra-fast, resulting in ~10GW of installed capacity – equivalent to ~30 billion EV miles a year.
As part of a £1 billion investment plan in the UK over 10 years, bp pulse is set to approximately triple its charging points by 2030.
Our progress
We have around 22,000 charge points globally.
Around 50% are now rapid or ultra-fast. Our 150kW chargers are capable of delivering up to 120km of range in around 10 minutes of charging, depending on the model of vehicle.
To accelerate our rollout plans, we’ve announced we’re working with VW, Iberdrola and REWE in Europe, Avatr in China, M&S in the UK, and Hertz in the US.
And, we’re building an EV truck charging corridor in Germany.
Resilient hydrocarbons
We started up 13 major projects in three years – with five more to come this year. These are part of a programme of 35 projects initiated in 2016, completed on schedule and, on average, around 15% under budget.
As part of our strategy, we plan to high-grade our portfolio, lower our emissions and drive higher returns.
And, as the world seeks lower carbon fuels, we see potential to use our refining facilities to help create bioenergy.
Our aim
We aim to sustain resilient hydrocarbons earnings at $39-42 billion a year until 2030, even as we reduce output by ~25%.
We plan to do this by:
- Removing costs.
- Focusing on high-margin projects.
- Maintaining investment discipline.
Our progress
We continue to make progress high-grading our portfolio:
- Completing the creation of Azule Energy – a 50:50 joint venture combining our Angolan assets with Eni’s.
- Starting up major projects in the Gulf of Mexico and Trinidad and Tobago, while seeking ways to reduce their carbon footprint.
- Electrifying the wells at our bpx energy operations in Texas, with 80% plugged in (up from 4% in 2018) and on track for 95% by end-2023, reducing emissions from the site.
Future fuel
Bioenergy is one of the most effective and efficient ways to decarbonize transportation, whether in an aircraft, on the road or by ship.
For bp, bioenergy covers biofuels (including sustainable aviation fuel) and biogas.
Bioenergy explained
Bioenergy is renewable energy from recently living organic materials known as biomass that can be used to produce transportation fuels, heat, electricity, and products.
Our aim
bp has an established global biogas and biofuels business today and we are deepening our investment in bioenergy. We’re accelerating biofuels production growth, focusing on sustainable aviation fuel and leveraging our global refining footprint.
By 2030, we aim to increase:
- Biofuels production to ~100 thousand barrels per day (mbd) – up from 27mbd today. This includes growing our co-processing volumes at our refineries by three times.
- Biogas supply to ~70,000 barrels of oil equivalent per day (mboed).
Our progress
We produce 27,000 barrels of bioenergy a day and we’re accelerating growth.
In biogas:
In the UK, we acquired a c.38% stake in Gasrec to help decarbonize businesses in the construction, freight, off-road, and marine industries.
In the US, we acquired buy Archaea Energy, a leading producer of renewable natural gas, which we expect to increase bp’s biogas supply volumes by 50%.
This builds on our current biogas business in the US. We are one of the largest suppliers of RNG to US heavy-duty fleet customers.
Net zero operations
We aim to be net zero across our operations on an absolute basis by 2050 or sooner.
Net zero explained
A state of net zero GHG emissions. This can be achieved by balancing relevant emissions with total applicable deductions (through qualifying activities).
Net zero operations explained
Aim 1 relates to our Scope 1 (from running the assets within our operational control boundary) and Scope 2 (associated with producing electricity, heating and cooling that is brought to run these operations) GHG emissions.
Our aim
Having exceeded our 2025 target, we have more to do to reduce emissions. We’re now working towards our 2030 aim of reducing operational emissions by 50% compared to 2019.
Our progress
In 2019, our combined Scope 1 and 2 operational emissions totalled 54.4MtCO2e. We’ve reduced this to 31.9MtCO2e.
MtCO2e explained
Metric tons of carbon dioxide equivalent.
The actions we’re taking, include:
- Energy efficiency measures.
- Electrification of centralized facilities.
- Reducing flaring and managing methane.
- CCS.
Our progress explained
A 41% reduction of bp’s carbon emissions is the equivalent of more than 2 million homes’ energy use for one year.
Net zero production
We’ve set aims to achieve our overall net zero ambition by reducing emissions while bringing new projects online.
Net zero production explained
Our aim (Aim 2) is to 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 production*. This will mean cutting emissions from our upstream oil and gas production from our 2019 baseline of around 361MtCo2.
* Excluding bp’s share of production in Rosneft.
Our aim
Our aim is to be net zero on an absolute basis across the carbon in our upstream oil and gas production by 2050 or sooner.
Portfolio optimization
Reducing production will be key to our Aim 2, to be net zero on an absolute basis across the carbon in our upstream oil and gas production.
We expect a fall in production by around ~25% by 2030 – from 2.6 million barrels of oil equivalent per day (Mboe/d) in 2019 to ~2Mboe/d in 2030.
Our progress
Emissions from the carbon in our upstream oil and gas production fell by around 57MtCO2e, a 15% reduction, including through divestments and existing field decline.
MtCO2e explained
Metric tons of carbon dioxide equivalent.
CO2 is a greenhouse gas.
