Reducing emissions
By 2050, we see the T&S portfolio of traded and marketed products helping to decarbonize the global energy mix. Beyond bp’s investments in renewable energy, T&S has been developing several other offerings to help customers meet their sustainability needs.
We are already one of the largest suppliers of renewable natural gas (RNG or biogas) to the US transportation sector. For example, we generate environmental credits from biogas through the federal Renewable Fuel Standard and the California Low Carbon Fuel Standard.
We have a robust carbon offset portfolio in North America, providing project offsets in combination with natural gas, liquefied natural gas (LNG) and propane supplies. bp has recently completed both carbon-offset natural gas and carbon-offset propane deals in the US and a carbon-offset LNG deal in Mexico, which creates a model bp can now replicate in markets like the US.
As the largest marketer of natural gas in the US, bp views its vast natural gas portfolio as having a key role to play in advancing the energy transition. Natural gas can reduce greenhouse gas (GHG) emissions in the power and hard-to-abate industrial and transport sectors, compared to some incumbent fuels. It also serves as an abundant, affordable and reliable partner to renewables. For example, switching from coal to natural gas in the power sector reduces lifecycle GHG emissions (including both CO₂ and methane emissions) by about 50% when producing electricity and by about 33% when providing heat.1 Natural gas can be a source of near-zero carbon energy when combined with carbon capture use and storage (CCUS), either as a direct source of energy to the power and industrial sectors or to produce blue hydrogen.
Lower carbon shipping
bp’s shipping fleet features some of the most advanced tankers anywhere in the industry: bp vessels have the latest, most fuel-efficient hull forms, engines, cargo management technology and operational systems.
For example, bp has made upgrades to its fleet of LNG carriers that enable them to use approximately 25% less fuel and emit less nitrogen oxides. The gas combustion system in our LNG tankers minimizes the risk of methane emissions into the atmosphere, and the liquefaction plants on those tankers can turn evaporated natural gas back into LNG and pump it to the cargo tanks.
To continue delivering sustainable emissions reductions, we have successfully trialed the use of low carbon fuels in certain bp vessels, and we are planning to install additional energy-saving technologies in the near future.