Energy Efficiency, GHG Emissions, Solar, Sourcing Renewables - February 8, 2022
Bp Sets Net Zero Goal of 2050
bp is raising its low carbon ambitions and is now aiming to be net zero across operations, production and sales by 2050 or sooner. bp now aims to reduce operational emissions by 50% by 2030, compared with an aim of 30-35% previously. The announcement was part of the company’s full-year results for 2021 along with an update on its strategic transformation.
bp is now also aiming for net zero lifecycle emissions from the energy products it sells by 2050 or sooner, a significant advance from the previous aim of a 50% reduction in their emissions intensity. Additionally, the aim’s scope is expanding to include physically traded sales of energy products. For 2030 bp is aiming for a 15-20% reduction in the lifecycle carbon intensity of these products.
Since 2019, bp has already almost doubled its EV charging points to more than 13,000 worldwide. has 2,150 strategic convenience sites worldwide and has now increased its aim for 2030 to around 3,500. bp has also increased its aim for charging points to more than 100,000 by 2030.
In low carbon energy, bp has quadrupled its renewables development pipeline since the end of 2019, from 6GW to 24.5GW. This includes its entry into offshore wind, now with a pipeline of 5.2GW net, including its recent success in the ScotWind leasing round.
bp sees both renewables and hydrogen as transition growth engines. The company is on track for its target of having developed 20GW renewable power capacity by 2025 and its aim for 50GW by 2030.
In hydrogen, bp has built a significant portfolio of options in advantaged markets worldwide with potential capacity of 0.7-1.3 million tonnes a year. These also enable additional value creation through integration with renewables and CCS.
“Over the past two years we have set a new purpose, direction and strategy for bp, and completed the largest re-organisation in our history,” said bp CEO Bernard Looney in a statement. “We enter 2022 with growing confidence. The past two years have reinforced our belief in the opportunities that the energy transition presents - to create value for our shareholders and to get to net zero.”
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