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bp statement on the first anniversary of the IRA becoming law

Release date:
16 August 2023

On the one-year anniversary of the Inflation Reduction Act, bp applauds this historic opportunity to invest even more in America’s energy transition. The law further underscores the US as a highly attractive market for the billions bp plans to invest in transition businesses, including bioenergy, EV charging, convenience, hydrogen, and renewables and power.


bp actively advocated for many of the climate and energy provisions in the IRA. But there is more work to be done to unlock the full potential of the law. We remain committed to working with federal agencies as they develop rules for implementing the IRA and optimizing its positive impacts.

About bp

bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp has a larger economic footprint in the United States than anywhere else in the world, investing more than $145 billion since 2005 and supporting more than 275,000 jobs. For more information on bp in the US, visit www.bp.com/us.

Further Information

bp US Media Affairs

Email: uspress@bp.com