Home to our Cherry Point refinery, Washington is now the second state in the country with a comprehensive, economywide, market-based carbon pricing program.
The legislature and governor brought progressive climate policy to the Evergreen State that will lower carbon emissions for the benefit of everyone in Washington. The package of solutions will help to produce fewer emissions making the entire economy cleaner by:
Read more about how Washington’s ‘cap and invest’ proposal carries promise for emissions and the economy from The Seattle Times.
Cherry Point is already making progress under the new policy. We’re investing $269 million to improve the refinery’s efficiency, reduce its carbon dioxide (CO₂) emissions and increase its renewable diesel production capability. Expected to create more than 300 local jobs over the next three years, this investment is aligned with our aims to be net zero across our operations, and to reduce the carbon intensity of the products we sell by 50%, by 2050 or sooner. Good policy like the Climate Commitment Act incentivizes companies like bp to accelerate modernization and lower-carbon solutions.
bp is committed to being part of the solution and we actively advocated for the passage of the Climate Commitment Act (SB 5126). We worked with Clean & Prosperous Washington, a campaign to advance the legislation, as well as a broad coalition of supporters. Learn more about their work.
“We applaud the Washington state legislature for passing this critical bill for lowering carbon emissions. This historic achievement puts the state on a path to net zero by 2050.
We look forward to working with state agencies as they develop rules to implement this program. bp remains firmly committed to delivering on its own net zero ambition and being part of the solution for a low carbon future.”
We’ll keep doing our part to bring Washington state closer to net zero, starting with our own operations. And we look forward to working with Washington state agencies as they look to implement the Climate Commitment Act.