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 TO GET TO NEW 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.
DELIVERING THE AMBITION
To deliver the ambition, BP will fundamentally reorganise to become a more focused, more integrated company, comprising:
Four business groups to deliver performance and value growth:
Install methane measurement at all BP’s major oil and gas processing sites by 2023 and reduce Production & Operations; Customers & Products; Gas & Low Carbon Energy; and Innovation & Engineering.
Three integrators to identify and maximise opportunities:
Sustainability & Strategy; Regions, Cities & Solutions; and Trading & Shipping. • Four core enablers to support business delivery: Finance; Legal; People & Culture; and Communications & Advocacy.
BP will host a capital markets day in September to set out its strategy and near-term plans.