Our transformation
By 2030, we aim to be a different kind of energy company
We’re decarbonizing and diversifying our business.
What’s changing
Reducing our oil and gas production and lowering emissions, while keeping up cash flow by high-grading our portfolio and growing bioenergy.
Investing in low carbon energy to rapidly scale up in solar and offshore wind, and develop new opportunities in carbon capture and hydrogen.
Switching on 100,000 EV charging points and opening more than 1,000 new strategic convenience sites.
Doubling down on five transition growth businesses, planning for more than 40% of the capital we invest to be in bioenergy, convenience, EV charging, renewables and hydrogen by 2025.
Accelerating our net zero ambition – our aim is to be net zero by 2050 or sooner across operations, production and sales.
We’ve made great progress
Renewables pipeline more than quadrupled in three years
Added 5K EV charging points in a year
Operational emissions down 35%
Oil and gas production emissions down 16%
Bringing secure supplies of new production to the world while working to lower emissions
Growing offshore wind energy from zero to 5.2GW
Laying the groundwork for seven hydrogen hubs around the world
Bioenergy production up by 18%
Serving more customers on the go at 500 new convenience stores
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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Powering the hydrogen economy
Hydrogen is playing a key role in decarbonizing power, industry and heavy goods vehicle transport.
Hydrogen explained
Blue hydrogen is extracted from natural gas with the carbon dioxide captured and stored. Green hydrogen results from the electrolysis of water using renewable power.
Our aim
We aim to develop a leading market position producing and supplying low carbon hydrogen, capturing 10% of core markets by 2030.
bp’s world-scale hydrogen project, part of Net Zero Teesside, aims to produce 1GW of blue hydrogen starting in 2027, capturing and sending for storage up to 2 million tons of CO2 per year.
That’s equivalent to the energy use of 218,492 UK households.
Our progress
In the UK, we aim to produce up to 1.5GW of blue and green hydrogen by 2030. And we are planning seven world-class low carbon hydrogen hubs across Europe, the Middle East and Australia.
Our aim
Convenience is an important part of our strategy to transform. As customers increasingly come to our forecourts to shop as well as charge, the retail experience will be key.
We aim to expand our strategic convenience network (sites that have fuel as well as food for now and food for later offers) to around 3,500 sites globally by 2030.
And, we’re planning to increase our customer touchpoints from around 12 million a day in 2021 to more than 15 million by 2025 and 20 million 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 2,200 globally today.
- Expanding in growth markets, such as our Jio-bp network of retail stations in India.
- Extending our partnership with Marks & Spencer in the UK.
- Taking full ownership of Thorntons in the US.
We’re offering attractive digital solutions and loyalty programmes. We have around 16 million active loyalty customers.
Our aim
bp is aiming to install more than 100,000 charging points globally by 2030.
We expect around 90% of those to be rapid or ultra-fast, resulting in around 10 gigawatts of installed capacity. This is equivalent to around 30 billion EV miles driven per year.
As part of a new £1 billion investment plan in the UK over 10 years, bp pulse is set to approximately triple its number of charging points by 2030.
Our progress
We have around 16,000 charging points globally.
Around 50% are now rapid or ultra-fast – that’s at least 50kW for rapid, more than 150kW for ultra-fast. 150kW chargers are capable of delivering up to 160km of range in as little as 10 minutes of charging, depending on the model of vehicle.
We are the leading provider of ultra-fast charging in Germany, building on our leading position in the UK. And we have announced partnerships with VW and Iberdrola to accelerate our rollout plans across Europe.
Our aim
We aim to have developed 20GW of renewable generating capacity by 2025 and 50GW by 2030. That’s broadly enough to meet the power needs of 36 million people.
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, a 1GW solar farm in the US could power 12 billion hours of TV viewing a year.
Our progress
We’re on track. Our developed and renewables pipeline was 30.1GW at 2Q 2022, up 0.9GW from 1Q, driven by an increase in Lightsource bp solar pipeline.
Breaking down the numbers
- Developed renewables to final investment decision: 4.4GW.
- Renewables pipeline at the end of the quarter: 25.8GW (bp net) – up from 6GW in 2019.
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.
Resilient hydrocarbons
We started up 11 major projects in two years. 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 oil and gas earnings at $30-35 billion a year until 2030, even as we reduce output by 40%.
We plan to do this by:
- Removing costs.
- Focusing on high-margin projects.
- Focusing on six regions.
Our progress
Our methane intensity in 2021 was 0.07%, an improvement from 0.12% in 2020. Methane emissions from upstream operations, used to calculate intensity, decreased to around 43.0 kilotons (kt), from 71.6kt in 2020. This continues a declining trend in absolute upstream methane emissions since 2016.
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
We are already investing in building offshore wind developments that match our scale and ambition.
bp and Equinor are developing four offshore wind assets with a capacity of 2.2GW in the US. And with our partner EnBW, we are developing three offshore wind projects in two major UK locations with a capacity of about 3GW. All together, these projects have the potential to power more than five million homes.
Recently, we’ve agreed to form a partnership with Marubeni to explore an offshore wind development in Japan.
Future fuel
Biofuels are one of the best large-scale solutions to decarbonizing transportation. Under our Energy Outlook Accelerated scenario, biofuels use increases more than two-fold to 6-7Mb/d by 2050. Bio-based sustainable aviation fuel (SAF) accounts for 30% of aviation fuel demand by 2050.
Bioenergy explained
Bioenergy – or biofuels – 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
We aim to triple our bioenergy production to more than 100,000 barrels per day (b/d) by 2030.
We will increase biofuels production three-fold at three of our refineries through bio co-processing, and invest in five major biofuels projects by 2030. This includes three standalone bio-plants and the conversion of up to two bio-refineries.
Our progress
We’re transforming our refineries at Castellón in Spain and Lingen in Germany to co-process biofuels, including SAF. And in biogas, through our co-marketing agreement with Clean Energy Fuels, we are already the largest supplier to US heavy-duty fleet customers.
We acquired a 29% stake in Gasrec, a major UK provider of biogas to heavy goods vehicles, to help decarbonize businesses across the construction, freight, off-road, and marine industries.
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 35.6MtCO2e.
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 35% 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 40% by 2030 – from 2.6 million barrrels of oil equivalent per day (Mboe/d) in 2019 to 1.5Mboe/d in 2030.
Our progress
Emissions from the carbon in our upstream oil and gas production fell by around 57MtCO2e, a 16% reduction, including through divestments and existing field decline.
MtCO2e explained
Metric tons of carbon dioxide equivalent.
CO2 is a greenhouse gas.
