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Reimagining energy

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 new strategy kickstarts a decade of delivery towards our  #bpNetZero ambition

Transforming our business

In February we set out our ambition to become a net zero company by 2050 or sooner and help the world get to net zero.

 

To deliver that ambition, we have launched our new strategy that will reshape our business within a decade as we pivot from an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers.  

“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 by

Increasing low carbon investment to around $5 billion a year - 10 times what we invest today

Having developed around 50 gigawatts (GW) of net renewable energy generating capacity – a 20-fold increase on the 2.5GW we have developed so far. Growing hydrogen to 10% share of core markets and producing more than 100,000 barrels a day of bioenergy – up from 22,000 today.

Building energy partnerships with 10 to 15 big cities

around the world and three core industries. Doubling our customer interactions to 20 million a day. Providing more than 70,000 electric vehicle charging points – up from 7,500 today.

Reducing our oil and gas production by over 40% and no exploration in new countries

Industry-leading in terms of quality, with productivity up and a focus on value.

And we’ll be on track to deliver our net zero ambition

Emissions from bp's operations 30-35% lower by 2030

 

Emissions associated with carbon in bp’s upstream oil and gas production 35-40% lower by 2030

 

Carbon intensity of products bp sells reduced by more than 15% by 2030

Our 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 around three focus areas of activity and three distinctive sources of differentiation to amplify value.

“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

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