BP set a new ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero. The ambition is supported by ten aims:
Five aims to get BP to net zero:
- Net zero across BP’s operations on an absolute basis by 2050 or sooner.
- Net zero on carbon in BP’s oil and gas production on an absolute basis by 2050 or sooner.
- 50% cut in the carbon intensity of products BP sells by 2050 or sooner.
- Install methane measurement at all BP’s major oil and gas processing sites by 2023 and reduce methane intensity of operations by 50%.
- Increase the proportion of investment into non-oil and gas businesses over time.
Five aims to help the world get to net zero:
- More active advocacy for policies that support net zero, including carbon pricing.
- Further incentivise BP’s workforce to deliver aims and mobilise them to advocate for net zero.
- Set new expectations for relationships with trade associations.
- Aim to be recognised as a leader for transparency of reporting, including supporting the recommendations of the TCFD.
- Launch a new team to help countries, cities and large companies decarbonise.
BP is committed to performing while transforming:
No change to BP’s fundamental commitments:
- to safe and reliable operations
- to delivering BP’s investor proposition, including commitments on:
- growing sustainable free cash flow and shareholder distributions over long term;
- maintaining strong financial frame and cost and capital discipline, and deleveraging the balance sheet;
- delivering 2021 free cash flow targets.
In addition, BP’s new CEO Bernard Looney announced a new purpose and a new ambition for the company: reimagining energy for people and our planet.
The purpose is underpinned by an industry-leading ambition – for BP to become a net zero company by 2050 or sooner, and to help the world get to net zero – and this ambition is supported by ten aims.
The ambition also includes a series of aims targeted at supporting the world’s progress towards net zero:
- More actively advocating for policies that support net zero, including carbon pricing; stopping corporate reputation advertising and redirecting resources to promote net zero policies, ideas, actions, collaborations and its own net zero ambition.
- Incentivising BP’s global workforce to deliver on the aims and mobilise them to become advocates for net zero; increasing the percentage of remuneration linked to emissions reductions.
- Setting new expectations for BP’s relationships with trade associations, making the case for BP’s views on climate change, being transparent where views differ, and being prepared to leave those where alignment cannot be reached.
- Being recognised as an industry leader for the transparency of reporting, working constructively with the TCFD and other groups to develop good practices and standards for transparency of reporting. BP today announced its support for the recommendations of the TCFD.
- Launching a new team to create integrated clean energy and mobility solutions and to help countries, cities and corporations around the world decarbonise.
