Our ambition
We aim to be a very different kind of energy company by 2030 as we?scale up investment in?low-carbon, focus our oil and gas production and make headway on reducing emissions. Our new?strategy kickstarts a decade of delivery towards our??#bpNetZero ambition
Transforming our business
In February we set out our ambition to become a net zero?company by 2050 or sooner and help the world get to net zero.
?
To deliver that ambition, we have launched?our?new strategy that will reshape our business within a decade as we?pivot from an?international oil company focused on?producing resources to?an integrated energy company focused on?delivering solutions for customers.??
“We believe our new strategy provides a?comprehensive and coherent approach to turn our net zero ambition into action.?This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone.”
Bernard Looney, chief executive officer
Within 10 years, bp aims to be a very different kind of energy company by
Increasing low carbon investment to around?$5 billion a year - 10 times what we invest today
Having developed around?50 gigawatts (GW) of net renewable energy generating capacity – a 20-fold increase on the 2.5GW we have developed so far. Growing hydrogen to 10% share of core markets and producing more than 100,000 barrels a day of bioenergy – up from 22,000 today.
Building energy partnerships with 10 to 15?big cities
around?the world and three core industries. Doubling our customer interactions to 20?million a day. Providing more than?70,000 electric vehicle charging points – up from 7,500 today.
Reducing our oil and gas production by over 40% and no exploration in new countries
Industry-leading in terms of quality, with productivity up and a focus on value.
And we’ll be on track to deliver our net zero ambition
Emissions from bp's operations?30-35% lower by 2030
?
Emissions associated with carbon in bp’s upstream oil and?gas production 35-40% lower by 2030
?
Carbon?intensity of products bp sells?reduced by more than 15% by 2030
Our strategy – turning ambition into action
Building on our purpose, together?with our beliefs about the future of energy systems and changing customer?demands, our strategy is built around three focus areas of activity and three distinctive sources of differentiation to amplify value.
Our sustainability frame
Our new sustainability frame links our strategy to our purpose - to reimagine energy for people and our planet.
?
- Three focus areas: – net zero, people and planet – include prioritised themes linked to the UN Sustainable Development Goals.
- Aims and objectives: We will set aims and objectives for our focus areas on people and planet, as we have done with net zero.
- Embedding into our DNA: We plan to actively drive the sustainability frame through our operating model, our governance and our culture.
- External collaborations: We plan to continue the search for partnerships that can help us drive progress, provide skills we may not have, and help us shape the future together.
“So, in the years ahead, bp is going to significantly scale-up our low-carbon energy business and transform our mobility and convenience offers. We will focus, and reduce, our oil, gas and refining portfolio. And, as we drive down emissions on our route to net zero, we are committed to continuing to deliver long-term value for?all stakeholders.”
Bernard Looney, chief executive officer
Be the first to know
Sign up to our newsletters and get the latest bp news direct to your inbox
