BP on Monday published a new report setting out its commitment to a low carbon future and to help meet the dual challenge of providing the increasing energy the world demands while at the same time working to reduce greenhouse gas emissions.
The report, Advancing the Energy Transition, details BP’s framework for delivering this commitment: reducing greenhouse gas emissions in its operations, improving its products to help customers reduce their emissions, and creating low carbon businesses.
The report also sets out clear near-term targets for limiting greenhouse gas emissions from BP’s operations, against which its progress can be measured. These targets are concrete, measurable and are intended to be met over 10 years, BP said.
Zero net emissions growth
Even as it delivers plans to grow its business over coming years, BP said it intends to keep net greenhouse gas emissions from its operations at or below 2015 levels out to 2025. It plans to achieve this by generating sustainable reductions in emissions throughout its operations, limiting the intensity of methane emissions from its oil and gas business, and through using carbon offset projects.
Sustainable emissions reductions
BP aims to generate sustainable reductions of 3.5 million tonnes of annual CO2 equivalent greenhouse gas emissions throughout its businesses by 2025. Improving energy efficiency throughout the businesses supported by new technology, limiting the emissions intensity of methane and reducing flaring of oil and gas are expected to deliver permanent and quantifiable reductions in emissions.
Limiting methane emissions intensity
As a key part of this, BP said it is determined to tackle emissions of methane – the primary component of natural gas but also a powerful greenhouse gas – from its operations. BP is targeting limiting the methane intensity – methane emissions from its operations where gas goes to market as a percentage of that gas – to 0.2% across its oil and gas operations.
Where these actions alone do not keep BP’s net greenhouse gas emissions from its operations at or below 2015 levels, BP said it intends to further invest in high-quality carbon offset projects to ensure the aim is met.
Advancing low carbon
BP has also introduced a group-wide accreditation program, Advancing Low Carbon (ALC), designed to encourage every part of BP to pursue lower carbon opportunities and to encourage customers and others outside BP to make lower carbon choices.
“We now know that a race to renewables will not be enough. To deliver significantly lower emissions every type of energy needs to be cleaner and better. That’s why we are making bold changes across our entire business,” said Bob Dudley. “We are introducing the Advancing Low Carbon accreditation program across BP to validate all these efforts and encourage further action.”
The program highlights activities across BP that demonstrate and deliver better carbon outcomes, including generating greenhouse gas emission savings directly or through offsets. Each activity included in the program is evaluated and subjected to independent assurance against defined criteria. Those judged to meet the criteria will be able to carry the ALC logo. The program has been launched with an initial 33 accredited activities from throughout BP’s businesses.