US Impact Report
Today, most of our global investment goes into oil and gas. By 2030, we aim for around half to be going into our lower carbon businesses, convenience and power.
bp has a larger presence in the United States than anywhere else in the world. Every major bp global business is active here. Among our more than 80,000 employees in more than 60 countries, more than 30,000 work in the US.
From IOC to IEC
In 2020, we set out our net zero ambition and a new strategy to become an integrated energy company. In February 2023, we announced plans to invest up to a cumulative additional $8 billion by 2030 into our five transition growth engines — bioenergy, convenience, EV charging through our charging business bp pulse, hydrogen, renewables and power — and at the same time invest more into today’s oil and gas system. Our transition growth engines made up around 30% of bp’s total investment in 2022, up from around 3% in 2019.
Hydrocarbons that can withstand volatility in the market and are connected to nearby, pre-existing infrastructure are “resilient”. Our resilient hydrocarbons business is a key pillar in our transformation into an integrated energy company.
Convenience & mobility is a key pillar of bp’s strategy — and one of bp’s five transition growth engines. In the US, our retail sites span 46 states and the District of Columbia and serve more than three million customers daily.
Low carbon energy is another key pillar of bp’s strategy. We’re scaling renewables, like solar and offshore wind, and expanding into carbon capture and storage and low carbon hydrogen production. bp aims to grow its global renewable net installed capacity from 2.2 GW in 2022 to around 10 GW in 2030.
bp trading & shipping works to transform and connect the global energy market, offering our customers an integrated and innovative approach to energy. We work across value chains, drawing together bp’s capabilities to optimize energy systems.
